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New report in 2022: Experian’s Annual Global Identity & Fraud report launches

June 16, 2022 by Managing Editor, Experian Decision Analytics

Building digital consumer trust amidst rising fraud activity and concerns

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Digital security

Our latest report dives into the growing expectation that businesses recognise and protect consumers online, and the challenges businesses must overcome to succeed in building digital consumer trust.

In recent years, our annual report has called on businesses to meet consumer expectations for online recognition and security while also improving their digital customer experience. Our latest research reveals that companies have received the message and are investing in multiple digital initiatives.

But the fraud risk persists. 70% of businesses say that their concern about fraud has increased since last year.

So where is the disconnect?

A look inside this year’s report:

Digital financial transactions have become the norm in recent years leading to the emergence of a movement of savvy consumers with a heightened awareness of fraud and the role recognition and security tools play in protecting them online.

We found that more than half of consumers surveyed globally have been a victim of fraud or know someone who has. Despite these concerns, most consumers say their online activity will increase in the next 3 months.

What are consumers looking for from businesses?

Consumers globally value security in their online experience above other factors. The research reveals how consumers are actively seeking out businesses that they perceive to be secure, and what this looks like to them.

Read the report to find out:

• How online security yields engagement and trust with today’s digital consumers
• The role of businesses in protecting online consumers and the benefits of doing so
• The current opportunity for businesses to implement multiple identity and fraud solutions
• The role that orchestration and outsourcing play in helping companies prevent fraud

We discovered there is still a significant gap between consumer sentiment and business intentions related to identity recognition. Only 30% of consumers are confident that businesses will recognize them repeatedly online, even though 84% of businesses say recognising customers is very or extremely important.

What leads to success?

Financial service organisations need to find ways to create more online security while improving the digital customer journey. Experian’s identity and fraud experts also offer 5 tips for strengthening digital capabilities to benefit the customer experience and reduce fraud risk.

The survey underpinning these insights encompasses 1,849 business respondents and 6,062 consumers from 20 countries, including Australia, Brazil, China, Chile, Colombia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, The Netherlands, Norway, Peru, Singapore, South Africa, Spain, UK, and US. We’ve also included interviews with consumers from Brazil, Germany, the UK, and US.

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