ATLANTA–New research on digital identity, fraud, security and data privacy has found 60% of consumers don’t believe companies do enough to protect their data as demand for security grows, according to one company.
The findings were included in the fifth Annual Consumer Digital Identity Study by IDology.
Among the findings:
- Fraud has become an expected part of everyday life. Consumers hold a grim view of the future, with 56% expecting fraud attempts to rise (up from only 38% in 2021).Nineteen percent reported that a new account, such as a bank, credit card or eCommerce account, was opened in their names without authorization in the last 12-18 months. During the same time period, 17% of those surveyed were victims of identity fraud.
- Security and convenience are cornerstones of the customer experience. When opening an online account, 68% of consumers prioritize security while 32% place more importance on convenience and ease. Additionally, 76% said that knowing a company is using advanced identity verification would positively impact their decision or preference to use that company's services. Illustrating the need for businesses to deliver security and convenience, 37% of consumers abandoned signing up for a new online account because the process was too difficult, time-consuming, or untrustworthy, IDology said.
- Consumers are taking steps to protect their identities, but more education is needed. Some59% are more diligent with the personal information they provide when opening accounts online. While consumers are more engaged, 40% are unsure if their personal information is currently available for purchase on the internet, and 69% are unfamiliar with synthetic identity fraud (SIF), one of the most insidious and fastest growing types of fraud in the U.S.
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