2021 Global Identity and Fraud Report
The surge in digital demand over the past year reinforced the deep connection between recognition, fraud prevention and the online customer experience.
Experian’s 2021 Global Identity and Fraud Report shows that as more consumers go online, expectations for a secure experience are higher than ever and that the types of security consumers expect are shifting towards invisible protection.
Our research found that 2 out of 3 businesses have increased concern about the overall level of fraud since the pandemic. Unsurprisingly, security is still a top concern for consumers, with 55% citing security as the most important aspect of their online experience. However, consumers are also looking for methods of data protection that are both convenient and trustworthy.
In a post-pandemic landscape, businesses that prioritize security in a convenient format will meet and exceed consumer expectations.
Experian’s 2021 Global Identity and Fraud Report explores business and consumer priorities in the wake of digital evolution. Based on input from 9,000 consumers and 2,700 business executives worldwide, we developed an understanding of the consumer expectation for easy, secure interactions and how businesses have worked to meet that demand.
60% of consumers have a higher expectation for their online experience than pre-pandemic, while 55% still say security is a top priority
82% of businesses say they now have a customer recognition strategy in place – up 26% since the start of the pandemic
74% of consumers chose physical biometrics as their preferred security method, with 72% still favoring a PIN code sent to a mobile device
60% of global consumers now use a mobile wallet – up from 53% pre-pandemic
Read full article
This COVID-19 crisis is a test of our resilience and the financial services landscape could change permanently during the recovery. The promise of harnessing telco data and decisioning to drive…Learn more
Digital identity solutions are a crucial component to enhancing the customer experience in digital transactions. Driven by verified data, digital identity as a concept benefits both businesses and consumers. Innovative…Learn more