Recent cyber attacks on well-known retailers have made many consumers inclined to ditch their credit cards for hard, cold cash, a survey has found.
Of 1,011 American adults polled by NXP Semiconductors of the Netherlands, 80 percent said they were generally confident in the security of their financial accounts and 73 percent felt that way about their credit and debit cards.
However, with recent reports of compromises in security at Target, Neiman Marcus, PF Chang s and other retailers, Americans are more likely to pay in cash following a security breach at large retailers, NXP said.
Following a security breach at a retailer, 64 percent of those polled said they d turn to hard currency. Among those, the most likely to do that were so-called millennials, ages 18-to 34.
Illustration by Charlotte Observer