COSTA MESA, Calif.–(BUSINESS WIRE)–June 16, 2022–
Digital financial transactions have become mainstream in recent years, increasing the number of savvy consumers with increased awareness of fraud and the role recognition and security tools play in protecting them. Glimpses of Experian’s Annual Global Identity and Fraud Report found that more than half of consumers surveyed globally have experienced or know someone who has experienced fraud – where identity theft has overtaken credit card theft as the top security concern . Despite these concerns, most consumers surveyed say their online activity will increase over the next three months.
“Criminals are constantly looking for the path of least resistance and to combat this, organizations must be equally aggressive in leveraging data as a defense, prioritizing investments in fraud detection and prevention, and proving to customers that their safety is paramount,” said Eric Haller, executive vice president. /GM Global Identity & Fraud at Experian.
Consumers around the world value security in their online experience over other factors. Interviews conducted with participants revealed that for many people, the balance between the need for security and the convenience of online transactions depends on which companies they trust. Payment system providers, credit card companies, technology providers and streaming services are the companies consumers trust the most to address online security issues.
Consumers also said that regardless of business size, if a brand consistently delivers positive digital experiences, they will trust that the organization is protecting their data. Fifty-seven percent of consumers say they are willing to share data if it provides greater security or prevents fraud, with consumers expecting protection from companies in return.
Nearly 75% of consumers expect businesses to take the necessary security measures to protect them online. That’s no surprise to companies, the majority of which expect consumers to cite security as a top priority. Yet, regardless of business investment, 70% of businesses say preventing fraud is their top concern – the highest figure ever.
Research indicates that there is still a significant gap between consumer sentiment and commercial intentions related to identity recognition. Only a third of consumers are confident companies will repeatedly recognize them online, even though 84% say customer recognition is very or extremely important. And there are no trailing leaders when it comes to the recognition and security methods consumers prefer – physical biometrics and device PINs holding the top two spots.
The 6th Annual Global Identity & Fraud Report can be downloaded here: https://bit.ly/GIDFR22
Other findings from this year’s Identity and Fraud Annual Report include:
- 77% of consumers say their concern has increased after being the victim of an online fraud incident, with concern highest in Colombia, Peru and Brazil.
- 83% of consumers say security is the most important factor in their online experience. This figure is highest – 89% – in Colombia, Chile, Ireland and South Africa.
- 95% of baby boomers cite security as the most important aspect of their online experience, 10% more than their Gen Z counterparts.
- Baby boomers feel safer with physical biometrics, more so than their younger counterparts (18-25 years old). They are also more confident in behavioral biometrics.
- Companies say improving the digital customer journey is paramount, with the rate highest (over 90%) in Indonesia, India, Brazil, Chile, the United States and Ireland.
- Only 1 in 5 consumers say they have been offered a pre-filled form option as part of their digital account opening experience.
Note to editors:
To develop the study, Experian surveyed over 6,000 consumers and nearly 1,900 businesses from 20 countries spanning Australia, Brazil, China, Colombia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, Netherlands, Norway, Peru, Singapore, South Africa, Spain, UK and USA. Interviews with consumers from Brazil, Germany, the United Kingdom and the United States were also included.
Experian’s Identity and Fraud business includes more than 300 fraud experts worldwide who work to protect people’s identities and fight fraud for businesses across multiple industries, including financial services, telecommunications, retail/e-commerce, insurance, government and healthcare.
Experian is the world leader in information services. During life’s big moments – from buying a house or a car to sending a child to college to growing a business by connecting with new customers – we enable consumers and our customers to manage their data with confidence. We help individuals gain financial control and access financial services, businesses make smarter decisions and thrive, lenders lend more responsibly, and organizations prevent identity theft and crime. .
We have 20,600 people operating in 43 countries, and every day we invest in new technologies, talented people and innovation to help all of our customers maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are part of the FTSE 100 index.
To find out more, visit www.experianplc.com or visit our global news content hub on our global news blog for the latest Group news and information.
Experian and the Experian marks used herein are trademarks or registered trademarks of Experian andits affiliates. Other product and company names mentioned herein are the property of their respective owners.owners.
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PUBLISHED: 06/16/2022 06:02 AM/DISC: 06/16/2022 06:02 AM