Identity and fraud dynamics are increasing the pace of change at astonishing rates due to aspects such as: consumer demand, technology advances, and increases in identity theft and account compromise.
Businesses need to understand and weigh fraud risks with the need to meet consumer expectations for fast, fricitionless experiences. According to our 2020 Global Identity and Fraud Report:
- 88% of consumers say their perception of a business is improved when a business invests in the customer experience, namely security
- 95% of businesses are confident they can identify their customers, yet — 55% of consumers don't feel recognized
Passwords, PIN codes and security questions remain the authentication methods most widely used by businesses, followed by document verification, physical biometrics and CAPTCHA. Experian identity verification solutions span the entire customer journey from when the customer is first acquired, through portfolio changes, and even into collections.