UK, 23 JUNE 2022: Insights from Experian’s 6th 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, with identity theft overtaking credit card theft as the biggest security worry. Despite these concerns, most consumer respondents say their online activity will increase in the next three months.
The majority of consumers globally value security in their online experience and 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 to address online security issues. Regardless of company size, if a brand consistently provides positive digital experiences, consumers 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 and nearly 75 percent expect businesses to take the necessary security steps to protect them online. The majority of business respondents expect consumers to cite security as a top priority and 70 percent say preventing fraud is their top concern – the highest that figure has ever been.
The research does indicate 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. In terms of which recognition and security methods consumers perceive as most secure – physical biometrics (81%) and pin codes to device (77%) hold the top two spots globally.
Commenting on the report’s findings Luciano Scalise, Decision Analytics Managing Director EMEA & APAC, Experian, said: “Maintaining a safe and secure online experience is a shared responsibility between consumers and businesses. Consumers need to be aware of the risks they face online and practise good cyber hygiene. Meanwhile, businesses can leverage orchestration solutions to connect recognition, fraud prevention and their customer experience, and take advantage of a single platform to bring all their tools and data sources together. This allows them to adapt to changing risks and improve their customer journey. It’s all about striking a fine balance in keeping their customers protected whilst ensuring a seamless digital experience. Experian is committed to supporting businesses with innovative solutions to swiftly address emerging fraud threats and prevent identity fraud risks.”
The Global Identity & Fraud Report can be downloaded here: https://bit.ly/GIDFR22
Additional EMEA markets findings from this year’s 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, United Kingdom, and the United States. Also incorporated were interviews with consumer from Brazil, Germany, the UK, and U.S.
Experian’s identity and fraud business comprises more than 300 fraud experts around the world working to protect people’s identities and fight fraud for businesses across multiple sectors, including financial services, telecommunications, retail/e-commerce, insurance, government, and healthcare.
Experian is the world’s leading global information services company. During life’s 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 we’re 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.