Identity Theft Continues to Grow – and Your Customers Want You to Protect Them 

Published: December 13, 2023 by Brian Funicelli

Online activity is a routine part of people’s days. Americans spend an average of 4 hours and 25 minutes on their phones every day,[1] and many regularly use multiple devices to access the internet. However, with more time spent in the digital space, the risk of identity theft and fraud also continues to grow.

The growing threat of identity fraud

identity theft

This year, the FTC has already received 5.7 million total fraud and identity theft reports, 1.4 million of which were identity theft cases.[2] More consumers are becoming vulnerable to the threat of identity fraud, but many are unsure of how to protect themselves.

To avoid monetary loss and significant lifestyle disruption, consumers are looking to their financial institutions to provide resources to help them prevent identity theft and protect their personal information online.

Consumers want identity protection from their financial institutions

identity theft

Consumers also expect their banks to carry the responsibility of protecting their private data from the risk of theft. While most of them trust in the security provided by their banks, about 50% of consumers want their banks to offer additional protective measures.[3] This creates an opportunity for financial institutions to fulfill the role of “data protector” for the customers that depend on them.

The convenience of a full suite of financial services all in one place is also important to consumers, as 45% would prefer to get all their banking products from the same financial institution.[4]

While consumers need identity protection, businesses need new ways to engage their customers and drive more revenue. Fortunately, offering identity protection is an effective way to maintain a sticky relationship with your customers while delivering an enhanced, engaging experience.

Protect your customers from fraud with Identity Protection Services

identity protection services

With identity protection, your customers can:

  • Check for exposed personal information and lower their risk of identity theft
  • Reduce their exposure and decide who can track their activity and access their personal information online
  • Keep control of their digital identity by reclaiming exposed personal information, increasing their privacy, and avoiding future risk

An identity protection solution provides a comprehensive strategy to avoid the risk of identity theft, while delivering exceptional results that your customers need to feel safe and secure.

Providing frequent updates and recommendations about their digital identity and credit score allows you to maintain an engaging communication channel with your customers and boost your brand interaction. For example, the average Experian® user had a 60% alert open rate and 12% post-alert login rate.[5]

As they continue to receive useful suggestions for strengthening their online security, your customers may interact with your app or website more regularly and consistently. This can create valuable opportunities for you to encourage them to open new accounts, start new credit lines, or borrow more money.

In addition, giving your customers an added layer of assurance can drive them to remain loyal, long-standing customers to your business.

  • 96% of active Experian subscribers with a free bundle were still subscribed after 12 months[6]
  • 90% of active Experian subscribers with a paid bundle were still subscribed after 12 months[6]
  • Less than 1% churn rate with fewer than 100 service calls[7]

Consumers want protection from thieves who might steal their personal information, and they expect it from a trusted source. By offering an identity protection solution, you can foster stronger relationships with your customers while reducing their vulnerability to fraud.

Visit our website to see how Identity Protection Services can help you deliver best-in-class protection for your customers.

[1] PC Magazine. Americans Check Their Phones an Alarming Number of Times Per Day. May 2023.

[2] IdentityTheft.org. 2023 Identity Theft Facts and Statistics. https://identitytheft.org/statistics/

[3] PYMTS. Half of Consumers Want More Security Measures From Banks, January 2023.

[4] PYMTS. 45% of US Consumers Want Banking Bundles. August 2022.

[5] Experian Data, average user experience with Digital Identity Manager, May 2023.

[6] Experian data, August 2023.

[7] Experian Data, average user experience with Digital Identity Manager, May 2023.

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