A new survey from the American Bankers Association has confirmed (again) that an overwhelming majority of consumers trust banks most to keep their payments safe.

The ABA survey found that three-quarters of consumers trust banks to protect their payments, while only 1 percent trust major retailers or telecom companies to do so.



Asked "Who do you trust most to keep your payments safe?" consumers gave the following answers (previous year percentage appears in parenthesis):



• banks — 75 percent (73 percent)
;
• telecom (e.g., Sprint, Verizon, etc.) — 1 percent (1 percent)
;
• major retailer — 1 percent (2 percent)
;
• alternative payment provider (e.g., PayPal, Venmo) — 4 percent (8 percent)
; and
• unsure — 18 percent (16 percent)

.

"It's no surprise that consumers trust banks the most with their payments," said Doug Johnson, ABA senior vice president of payments and cybersecurity policy. "Banks are the gold standard in security and customers know their money is safe when it's with the bank."

The survey also found that 6 percent of consumers have used a mobile app on their phone to make a payment. The most popular were:

• PayPal — 45 percent;
• Apple Pay — 42 percent; and
• Google Wallet — 11 percent.

"Using your phone to make a payment is still relatively new, but as the industry moves toward the use of new technologies like tokenization and biometrics to make payments safer, we expect the popularity of mobile payments to grow," Johnson said.



The annual survey of 1,000 U.S. adults was conducted July 8-13 by Ipsos Public Affairs on behalf of ABA.