Consumers No Longer Believe Passwords Are the Most Secure Method for Authentication
07 Abril 2021 - 8:00AM
Business Wire
New research from Experian finds that consumers
have more confidence in invisible security
As more consumers engage with businesses digitally to bank, shop
or pay, online security remains the top concern. Survey insights
from Experian’s annual Global Identity & Fraud Report found
that since the pandemic, consumers have an increasing level of
comfort and preference for physical and behavior-based – or
invisible – methods of security. In fact, for the first time in
four years, passwords did not earn a spot in the top three most
secure methods for authenticating a customer’s identity.
Our research showed that the top three most preferred methods
for authentication are:
- physical biometrics, such as facial recognition and
fingerprints
- pin codes sent to mobile devices
- behavioral analytics, passively observed signals that require
no effort from the consumer
“The top three methods consumers prefer actually give people the
added security they desire when accessing their accounts,” said
Eric Haller, Experian’s EVP and General Manager of Identity, Fraud
and DataLabs. “Consumers want to be recognized digitally without
extra steps to identify themselves, and they don’t want to remember
yet another password. They are open to more practical solutions in
today’s digital era.”
The pandemic caused a surge in digital activity, far greater
than expected and many believe this trend is not going away. In
fact, there has been a 20 percent increase in consumer online
transaction activities since the Covid-19 pandemic began. Fraud
rates are currently on the rise and consumers are still
prioritizing a safe experience, with 55 percent citing security as
the most important aspect of their online experience. In addition,
2 out of 3 businesses have increased concern about the overall
level of fraud.
“Businesses must be able to properly identify their customers
from fraudsters, otherwise they are not only risking financial loss
but also customer trust, which is critical for today’s digital
consumer. There’s an opportunity for companies to modernize their
authentication that doesn’t require heavy customer involvement and
doesn’t take away from a seamless digital journey,” added
Haller.
To develop the study, Experian® surveyed more than 9,000
consumers and more than 2,700 businesses during three waves
throughout the pandemic across 10 countries spanning North America,
Latin America, Europe and Asia. Additional findings from this
year’s annual fraud report include:
- 34 percent of consumers are worried about online privacy
compared to 29 percent pre-pandemic.
- 33 percent of consumers are worried about identity theft
compared to 28 percent pre-pandemic.
- 44 percent of consumers are most concerned about protecting
credit cards and bank account details while only 23 percent were
concerned about protecting personal data such as their date of
birth, address and social security numbers.
- 49 percent of consumers under 40 are more concerned about fraud
now than before the pandemic, compared to 37 percent of consumers
older than 40.
- 48 percent of consumers under 40 feel safer using biometric
security features than before the pandemic, compared to 37 percent
of consumers older than 40.
The 5th annual Global Identity and Fraud Report can be
downloaded here: http://bit.ly/GIDFR21
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.
About Experian
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 17,800 people operating across 45 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.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian and its affiliates. Other product
and company names mentioned herein are the property of their
respective owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210407005308/en/
Kristie Galvani Rubenstein Public Relations 1
212 805 3005 kgalvani@rubensteinpr.com Scott
Anderson Experian Public Relations 1 714 830 3185
scott.n.anderson@experian.com
Experian (LSE:EXPN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Experian (LSE:EXPN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024