In past years, this 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. In fact, 70% of businesses say that their concern about fraud has increased since last year. Experian Identity surveyed 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.
The responses showcase an evolving digital consumer who is regularly conducting financial transactions online, prioritizes security, and trusts businesses that provide it. Meanwhile, businesses worldwide are working to safeguard consumer identity, prevent fraud and improve the online customer experience, yet with decidedly mixed results.