May 2021 | Fraud Prevention | Fraud

Highlights from the global identity and fraud report

This report provides highlights and context around the priorities for identity and fraud management. It delves into business, consumer and Experian viewpoints – discussing, debating and posing questions. In reviewing this report, the question for UK businesses is how to create an environment where fraud and identity checks are integrated seamlessly into the customer journey, without disrupting the fast and easy digital experiences consumers expect.

The Covid-19 pandemic has accelerated demand for digital and online customer experiences. To keep pace, businesses have rapidly transformed their operations to accommodate new digital services and onboarding capabilities, while fulfilling consumer expectations for fast, easy and secure interactions. However, the rapid rise in digital activity has created new opportunities for fraudsters, exposing businesses and consumers to increased risks of fraud, identity theft and data breaches.

Experian conducted global research from June 2020 to January 2021, including surveying 900 consumers and 270 businesses across the UK. The global and regional trends marked notable changes in consumer preferences and the focus of businesses throughout the pandemic. This report focuses on the UK trends.

The research highlights changing consumer behaviour and preferences and the need for businesses need to find ways to continually improve the customer experience, while protecting consumer identities and information. When it comes to making fast, accurate decisions on credit risk, fraud and identity management, technology and analytics play a central role.

The UK&I Fraud Report

Download the 2021 report now

Highlights

  • 62% of consumers say online security is their top priority with a growing awareness of the need to protect their financial information online
  • For the first time passwords did not feature in the top three most secure methods as perceived by consumers. The trend is moving towards more invisible and frictionless consumer recognition systems
  • Consumers consistently say they’ll abandon an online transaction if they have to wait more than 30 seconds for security checks
  • On average, 80% of UK businesses have a digital online identity strategy for customer recognition
  • When it comes to using technology in the future, the number-one priority for UK businesses is to improve how they detect and prevent fraud with strengthening the security of the mobile and digital channels a top investment priority
  • Businesses expressed less confidence that they have the right metrics and KPIs in place to effectively manage fraud making it no surprise that implementing new analytics methods and building new AI models is a key investment priority

Is your business one of the 20% of UK businesses that don’t have a robust strategy to seamlessly recognise and authenticate customer identities? Download the report now