COSTA MESA, Calif.–Although measures such as two-factor authentication are often the subject of complaints by consumers, most people say they feel reassured when they see visual signs of security and encounter barriers when accessing their online accounts as indicators that a transaction is more secure.
That is among the findings of the just-released Experian 2018 Global Fraud and Identify Report, which probed consumers and business owners alike for their views on security, fraud and more.
“Certainly, technology is supporting the large volume of online interactions between businesses and consumers,” said Experian in its analysis. “But the real currency of digital commerce is trust.
Online activities among consumers reflect widespread embrace of digital commerce as a way to purchase goods and services (90% ) and conduct personal banking (88%), the Experian 2018 Global Fraud and Identify Report states.
Where Consumers Find Comfort
“As businesses undergo digital transformations in their front and back office operations, they recognize the importance of trust and the need for technology to enable it,” the report states. “When it comes to online engagement, three-quarters (75%) of businesses are interested in more advanced security measures and authentication processes that have little or no impact on the customer. At the same time businesses understand that their customers take comfort in the security measures they already have in place for digital transactions.”
The report found four-out-of-five consumers trust that businesses are making the protection of their personal information a top priority.
“In contrast, almost three-quarters of businesses (72%) cite fraud as a growing concern over the past 12 months and nearly two-thirds (63%) report the same or higher levels of fraudulent losses over that same period,” according to Experian. “Nonetheless, consumers are feeling reassured. They cite visual signs of security and barriers they encounter when accessing their online accounts as indicators that
a transaction is more secure. In fact, the lack of visible security was the number one reason customers abandoned a transaction.”
Other Survey Findings
Among the other findings:
- 66% of consumers surveyed appreciate security protocols when transacting online because it makes them feel protected.
- Tolerance of the friction related to security measures varies by age. One-third of consumers surveyed said they would do more transactions online if there weren't so many security hurdles to overcome. Younger consumers are less tolerant of security hurdles and are more inclined to engage online if there was less friction.