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08/03/2010 -
Among increasing consumer concerns about privacy and payment processing security, American Express secured the top ranking for consumer trust, according to the Ponemon Institute.The company's annual Most Trusted Companies for Privacy Study found that American Express "quietly retained its position" at the top of the most trusted brands.
There were no other credit card processing companies that made the top 20.
The study also found that just 41 percent of consumers feel they have control over their personal information - falling 4 percent from last year's figure and 15 percent from 2006.
Meanwhile, 59 percent of consumers highlighted fear of identity theft as a large reason for not trusting a brand, while 50 percent said notice of a data breach affected their trust ratings.
On the other end of the spectrum, substantial security protections improved a company's trust rating for 60 percent of consumers, compared to 53 percent for accurate data collection and use.
These findings are not just applicable to major brands - even small merchants can see significant customer loyalty and brand strength benefits by following investing in payment processing security and being transparent about it with their customers.
