New research from Experian finds that consumers trust known brands who protect them online
COSTA MESA, Calif.–(BUSINESS WIRE)–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 a victim 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 online activity will increase in the next three months.
Criminals persistently seek the path of least resistance and to combat that, organizations must be equally aggressive in leveraging data as a defence, prioritizing 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.
Consumers also said that regardless of company size, if a brand consistently provides positive digital experiences, they will trust that the organization is protecting their data. Fifty-seven percent 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 percent of consumers expect businesses to take the necessary security steps to protect them online. This isnt a surprise to businesses, a majority of which expect consumers to cite security as a top priority. Yet, regardless of business investment, 70 percent of businesses say preventing fraud is their top concern the highest that figure has ever been.
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 recognize them repeatedly online, even though 84 percent say recognizing customers is very or extremely important. And theres no runaway leaders in terms of which recognition and security methods consumers prefer physical biometrics and pin codes to device holding the top two spots.
The 6th annual Global Identity & Fraud Report can be downloaded here: https://bit.ly/GIDFR22
Additional findings from this years annual identity and fraud report include:
Note to editors:
To develop the study, Experian surveyed more than 6,000 consumers and nearly 1,900 businesses from 20 countries spanning Australia, Brazil, China, Colombia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, The Netherlands, Norway, Peru, Singapore, South Africa, Spain, the United Kingdom and the United States. Also incorporated were interviews with consumers from Brazil, Germany, the UK and U.S.
Experians identity and fraud business comprises more than 300 fraud experts around the world working to protect peoples identities and fight fraud for businesses across multiple sectors, including financial services, telecommunications, retail/e-commerce, insurance, government and healthcare.
About Experian
Experian is the worlds leading global information services company. During lifes big moments from buying a home or a car to sending a child to college to growing a business by connecting with new customers we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 20,600 people operating across 43 countries, and every day were investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global insights content hub at our global news blog for the latest news and insights from the Group.
Experian and the Experian marks used herein are trademarks or registered trademarks of Experian and its affiliates. Other product and company names mentioned herein are the property of their respective owners.
Contacts
Scott Anderson
Experian Public Relations
1 714 830 3185
scott.n.anderson@experian.com
Nick Jones
Experian Public Relations
44 (0) 20 7819 5393
nick.jones@experian.com
TAIPEI, TAIWAN - Media OutReach Newswire - 23 December 2024 – The 2024 Christmasland in…
Hungarian-based technology leader underscores its commitment to education, sustainability, and innovation SINGAPORE - Media OutReach…
BANGKOK, THAILAND - Media OutReach Newswire – 23 December 2024 - At the ACES Awards…
HONG KONG SAR - Media OutReach Newswire - 22 December 2024 - On December 20th,…
HONG KONG SAR - Media OutReach Newswire - 20 December 2024 - The "Immersive Hong…
HONG KONG SAR - Media OutReach Newswire - 20 December 2024 - The first baijiu…