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According to research released today by Trulioo, the leading global identity verification company, 68% of consumers claim to be doing more to protect themselves from online fraud and identity theft than a year ago.

 

The research found more than three-quarters (76%) of people feel that they’re at greater risk from online fraud than they were 12 months ago, and 75% are now worried about becoming a victim of fraud.

 

The research is presented in a new whitepaper, ‘New Fraud Threats in the Digital-First World’, which examines how online brands can find the right balance between online security and customer experience in a digital-first world.

 

The steps people are taking range from creating stronger passwords and changing them more frequently, through to installing VPNs and anti-virus software. Alongside this, many people are reading up on security issues to become more informed and be more selective about the businesses they buy products and services from online.

 

However, while people are trying to protect themselves from online fraud and identity theft, 80% admit that they could be doing more and 70% are worried that they’re not keeping up with the latest fraud threats. In fact the biggest barrier stopping people taking more action to protect themselves online is quite simply that they don’t know what to do and don’t feel knowledgeable enough around the risks they face.

 

“The last 18 months have seen the use of digital services skyrocket as consumers have needed flexibility and convenience during a period of lockdowns and social distancing,” said Zach Cohen, COO, Trulioo. “But in this day and age, greater use of digital brings an unwanted shadow of identity theft and fraudulent activity. As we move from response to recovery, businesses need to reassure customers that they are taking all necessary steps to protect them in an efficient and convenient way.”

 

Some consumers feel that their online footprint is now so broad and dispersed from using so many websites that they can no longer take any meaningful action to protect themselves across the board. On average, consumers have started transacting with six new brands during the last year, engaging with these businesses for the first time. This is particularly true in China, where more than half (52%) of consumers report that they transact with too many websites to do more to protect themselves, versus 25% in the U.S. and 24% in the UK.

 

Cohen concluded, “The message from the research is loud and clear. Businesses need to reset their security strategies to meet the needs of consumers that will continue to heavily rely on digital services for many aspects of their lives. This will involve educating customers around how to protect themselves, demonstrating that websites and apps have the right security measures in place at all times, and providing a choice of highly secure but convenient identity authentication methods. Doing this will not only help keep the fraudsters at bay, but it will be the basis for trusted customer relationships in the future.”

 

The whitepaper, ‘New Fraud Threats in the Digital-First World’, is available for download now.

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