Parul
Digital activity in consumers survey: Digital financial transactions have become commonplace in recent years, growing a number of savvy consumers with a heightened awareness of fraud and the role recognition and security tools play in protecting them. Insights from Experian’s annual Global Identity & Fraud Report found that more than half of consumers surveyed globally have been victims of fraud or know someone who has – where identity theft has surpassed credit card theft as their biggest security worry. Despite these concerns, most consumer respondents say their digital activity will increase in the next three months.
“Criminals persistently seek the path of least resistance and to combat that, organisations must be equally aggressive in leveraging data as a defence, prioritising investments in fraud detection and prevention, and proving to customers that their security is paramount,” said Eric Haller, EVP/GM Global Identity & Fraud at Experian.
Consumers globally value security in their online experience above other factors. Interviews conducted with participants revealed that for many people, balancing the need for security with the convenience of online transactions comes down to which companies they trust. Payment system providers, credit card companies, tech providers, and streaming services are the businesses most trusted by consumers to address online security issues.
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Consumers also said that regardless of company size, if a brand consistently provides positive digital experiences, they will trust that the organisation is protecting their data. 57 per cent of consumers report that they are willing to share data if it ensures greater security or prevents fraud, with consumers expecting protection from companies in return.
Nearly 75 per cent of consumers expect businesses to take the necessary security steps to protect them online. This isn’t a surprise to businesses, a majority of which expect consumers to cite security as a top priority. Yet, regardless of business investment, 70 per cent of companies say preventing fraud is their top concern – the highest that figure has ever been.
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The research indicates there is still a significant gap between consumer sentiment and business intentions related to identity recognition. Only one-third of consumers are confident businesses will recognise them repeatedly online, even though 84 per cent say recognising customers is very or extremely important. And there are no runaway leaders in terms of which recognition and security methods consumers prefer – physical biometrics and pin codes to devices holding the top two spots.
