News from the Wire

IDology: Consumers not OK with data protection efforts

Wednesday, October 05, 2022 — 12:45:47 (EDT)

ATLANTA, Oct. 4, 2022 /PRNewswire/ -- IDology, a GBG company, today released its Fifth Annual Consumer Digital Identity Study, providing valuable insights into consumer expectations and behavior. This year's study confirms that consumers still want it all and expect companies to deliver secure, fast and personalized access to the products and services they need, when and where they need them.

"Numerous factors are driving the modern consumer experience, from widespread digital adoption and expectations for seamless transactions to dueling demands for data privacy and personalization," said Christina Luttrell, CEO of GBG Americas (Acuant and IDology). "Consumers expect secure, easy and trustworthy interactions and aren't afraid to walk away from anything less. Today more than ever, businesses must build trust early, beginning with account opening and onboarding."

The imperative need for security, privacy and convenience are evidenced by these key findings from IDology's Fifth Annual Consumer Digital Identity Study:

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). 19% 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.

Consumers are taking steps to protect their identities, but more education is needed. 59% 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.

Download the full study and register for IDology's webinar with Aite-Novarica Group's Head of Risk Insights and Advisory, Julie Conroy, to learn more about key findings.

About IDology

IDology, a GBG company, is transforming identity verification and fraud deterrence for businesses worldwide with innovative, multi-layered solutions and the data control, precision and transparency needed to build trust in a digital world. Through a combination of dedicated fraud experts and artificial intelligence, IDology leverages thousands of physical and digital data sources to deliver the industry's most accurate results. Many of the largest technology and financial services companies in the world rely on IDology's multi-channel identity verification technology, consortium network and diverse team of dedicated fraud experts.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.