New data shows people are concerned about personal data theft when they engage with financial services providers online.
Ping Identity, a leading provider of seamless and secure digital experiences, released its annual survey which evaluates Australian consumer sentiment around engaging with brands and businesses online.
The report surveyed 1600 adult Australians and identified rising concern about the risk of identity theft. It’s now the chief concern for 65 % of Australians when their details are posted or stored online, ahead of financial loss and surveillance.
“Following a series of high-profile data leaks, consumers have become alert to the risk of identity theft and it has them worried. They want to continue to enjoy the convenience of transacting with financial services providers digitally but they also want assurance the information they share is safe,” said Ashley Diffey, Ping Identity VP Sales APAC and Japan. “With the occurrence of cyber-crime only continuing to increase, organisations that fail to offer the surety consumers are seeking may struggle to maintain their market share.”
Key Australian findings underline the importance of robust identity verification measures while transacting with organisations online:
● 41% said they would feel more protected against fraud if businesses offered biometric authentication
● 50% feel more secure when multi-factor authentication (MFA) is deployed
● 50% said one-time log-in codes via text or email would increase their comfort level.
The prospect of bad actors using Artificial Intelligence (AI) to impersonate them online has Australians worried too:
● 53% are concerned about the possible use of AI technology to create impersonations
● 53% say the use of MFA makes them feel better about a business because it suggests that protecting their data is a priority
● Only 60% of consumers have full trust in banks to manage their identity data.
More than two thirds of survey respondents believed they’d never be fully in control of their personal information online, while 77% wished to limit the types of information about themselves companies were able to access and the number of companies that currently had access to their details.
“Australians have been enthusiastic adopters of digital services including online banking but they’ve learnt the hard way that the personal information they share with organisations can be compromised,” said Diffey.
“To retain their confidence and trust, financial services providers need to create easy, secure and personalised experiences that alleviate their security concerns, without collecting too much personal data.”