Experian just released its Global Identity and Fraud Report Asia-Pacific (APAC) research which highlights that trusted online relationships are based on businesses providing both a secure environment and seamless consumer experiences. With insights from almost 6,000 APAC consumers, the report found that the majority (71%) value ‘security’ as the most important element of an online experience, followed by ‘convenience’ (20%) and ‘personalization’ (9%).
Of the 590 APAC businesses surveyed, an alarming 50% have experienced an increase in online fraud-related losses over the past 12 months. This includes account takeover attacks and fraudulent account openings. As a result, 63% of APAC consumers surveyed feel they are sacrificing privacy for convenience in today’s unpredictable threat landscape. While businesses have often invested in convenience at the expense of security, consumers in APAC expect both.
As organizations and consumers increasingly interact over digital channels, both parties must obviously find ways to establish mutual trust.
Ben Elliott, Chief Executive Officer, Experian APAC said: “The traditional mindset that views online security and convenience as two opposing forces is obsolete. Businesses must invest more to combat fraud, while ensuring seamless consumer experiences at all times. Only then will mutual trust between businesses and consumers be established.”
While existing security methods used by organizations are still more traditional in nature, report findings revealed that new technologies and advanced authentication solutions are viewed favorably by consumers. In fact, 75% of APAC consumers that have already encountered physical or behavioral biometrics during online banking showcase high confidence in the respective security measures.
“The move towards more robust security methods is compulsory for businesses looking to earn consumer trust. At Experian, we build innovative solutions suited for an increasingly interconnected world, helping consumers protect their digital identities and businesses ensure frictionless consumer experiences amid rising threats,” Elliott emphasized.
Transparency is another key determinant in building mutual trust. The report found that 81% of APAC consumers expect full transparency from businesses around how their information is used. In line with this trend, 58% of APAC businesses surveyed plan to invest more in transparency-inspired programs such as educating consumers, communicating terms more concisely, and helping consumers feel in control of their personal data.
Experian’s identity and fraud business comprises of nearly 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.