The new report outlines the findings from a survey of more than 10,000 consumers and more than 1,000 businesses, drawn across 21 countries. The report finds that that 70 percent of consumers are willing to share more personal data with online retailers and financial institutions if it means greater security and convenience.
Experian is a global information services company, with the mission of assisting individuals with taking financial control; for businesses to make smarter decisions; and for lenders to lend more responsibly. The overall focus is with preventing identity fraud and crime.
The report assesses how the increase with digital commerce has altered the way consumers interact with businesses. There has been a shift away from face-to-face transactions and towards anonymous online relationships built on trust. The degree of trust correlates with the degree of success that businesses have in providing a secure environment (as well as old-fashioned concepts like great customer experience).
Highlighting the extent that consumers value security, as the most important concern with their online interaction with a company, the Experian’s Global Identity & Fraud Report shows how successful businesses turn this to their advantage and ow aspiring businesses need to model convenience along with a strong sense of cybersecurity.
In terms of the importance of security, the survey establishes that 70 percent of consumers are prepared to share more personal data with companies online, if this pays back on enhanced security and greater convenience. Given that 60 percent of consumers are aware of the risks involved with providing their personal information to banks and retailers online, the company has to take demonstrable action in order to boost consumer trust.
The type of security measure that instil the greatest measure of trust and hence the highest level of confidence is around biometrics, according the survey. This is followed by document verification and CAPTCHA. This signals to businesses the types of technologies that they need to be developing.
Commenting on this outcome, Steve Pulley, who is Experian’s general manager of Global Identity & Fraud Solutions, notes: “Security and convenience are the bedrocks of a dynamic digital marketplace that effectively manages risk and delivers a seamless experience.”
He adds: “The availability of information consumers share with businesses make this possible, but it’s the same information that puts them at a greater risk for fraud, making trust more important than ever.”
