Consumers Aim to Take Greater Care of Financial Information as They Adopt Contactless Technology

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Equifax analysis suggests consumers are more likely to keep on top of their financial information if they have a Tap & Go card.

Tap & Go card on a computer keyboard
Consumers should also get into the habit of keeping a closer eye on all their financial accounts and activity, regardless of whether they use contactless technology or not.

New research* by leading credit information expert, Equifax, suggests that consumers would be more likely to stay on top of their financial information if they were to use contactless technology such as a Tap & Go card. The research, conducted mid June 2013, revealed that 60% of respondents would contact their bank on a more regular basis to check that there was no unauthorised activity on their accounts if they used contactless technology. Over a third said they would check their credit report more regularly.

With 75% of respondents saying they like the fact that Tap & Go cards are easy to use, Neil Munroe, External Affairs Director for Equifax, believes it’s a positive sign that consumers also plan to take greater care of their financial information. “It is great to see that this emerging payment method is creating greater consumer awareness about the importance of financial information with over a third (35%) of respondents saying they would check their credit information on a more regular basis if they had a Tap & Go card.

“Tap & Go cards are an exciting innovation that can improve the shopping experience for consumers, however, it is probably early days for consumers to be completely comfortable using this new technology. We believe providers can win consumer confidence by demonstrating the security measures in place.
“Consumers should also get into the habit of keeping a closer eye on all their financial accounts and activity, regardless of whether they use contactless technology or not.”

The Equifax Credit Report is accessible for 30 days free simply by logging ontoour website . If customers do not cancel before the end of the 30 Day Free Trial, the service will continue at £9.95 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.

The Equifax app is available free from the Apple iTunes Store on iPhone and iPad and from Google Play for Androids.

*Equifax- Populus Survey- June 2013

About Equifax
Equifax is a global leader in consumer, commercial and workforce information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.

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Louise Fowler | Clare Watson | Cecile Stearn | Wendy Harrison
Equifax
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