GBGroup which provides intelligence software and services released its Trust Economy study, revealing that businesses are at risk of using inaccurate data as consumers lie about personal details online all too often.
There have been numerous studies exploring people’s wariness towards too much of their personal information being known by companies even if it results in a more tailored experience for them.
There have also been accounts of companies mislaying or misusing sensitive personal data and as a result, most are highly reluctant to share information according to GBG’s research. The youngest demographic (18-24-year-olds) were the most likely to lie, with 81 per cent admitting to providing incorrect information. Over-65s were the most honest with their information 59 per cent said they didn’t lie when it came to sharing their details.
The study itself looked into behaviour of consumers around the world, and found that many were looking to take control of how their details were shared. Over 1,200 adults and 920 business decision makers were surveyed across the UK, US, Germany, France, Brazil and Australia. Germans were the most likely to lie at 71 per cent, while Australians are the least likely with 57 per cent admitting to it.
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Of all personal information, people were most likely to lie about their phone numbers, with ten per cent thinking it was of value to businesses in the first place. Of the figures provided, ten per cent felt they would benefit from sharing their details with a business. GBG’s CEO Richard Law feels this is an indication that companies could much more to reassure people, both of the security of their systems, and the value of sharing data for consumers.
Data distrust is coming at a cost to businesses. Data is the fuel of the digital economy, and if there’s not enough or if it’s of poor quality, businesses will not survive,” he warned.
Two in three didn’t think brands were open enough and 94 per cent wanted to know how their data would be used before they shared it.
Law added that businesses could be more sensitive to the delicacy of sharing information. People have, quite rightly, placed a bounty on this whether it’s their name, location, items bought during the weekly shop because it’s their personal property. Businesses must treat it as such,” he said.
GBG’s study forms part of its Trust Economy campaign calling for businesses to become more transparent and responsible in the way they use customer data.