To develop the study, Experian® interviewed more than 10,000 consumers and more than 1,000 businesses across 21 countries around the world. Additional findings from the third annual fraud report include:
- 55 percent of businesses reported an increase in fraud-related losses over the past 12 months, particularly account opening and account takeover attacks.
- 60 percent of consumers globally are aware of the risks involved with providing their personal information to banks and retailers online.
- 90 percent of consumers are aware that businesses are collecting, storing and using their personal information.
- Banks and insurance companies are the organisations trusted most by consumers across most regions. Online retail sites and social media sites trail considerably on trust.
- Nearly nine out of 10 consumers report conducting personal banking as their top online activity.
- Passwords, PIN codes and security questions remain the authentication methods most widely used by businesses, followed by document verification, physical biometrics and CAPTCHA.
The Global Identity and Fraud Report also shows how different regions across the globe view and manage fraud:
- Concern for fraud and increased fraud losses are highest among businesses in the United States.
- The greatest number of consumers who already have experienced a fraudulent event online are in the U.S., with the lowest number of consumers from Europe, Middle East and Africa.
- The U.S. and the UK lead with the biggest increase in fraud management budgets over the past 12 months, with three-quarters of businesses budgeting more for fraud management this year.
- Latin America is a top user of advanced authentication technology where CAPTCHA, physical biometrics and customer identification programs make up the top three authentication methods. This differs for businesses in other regions, which rely more heavily on passwords, PIN codes and security questions.
- Physical biometrics seems to have the largest positive impact on trust, particularly in Colombia and the U.S.
- The U.S. has invested the most when it comes to transparency initiatives in the past 12 months, and Colombia has the highest intent to invest more in the next six months.
The full Global Identity and Fraud Report can be downloaded here: http://www.experian.com/decision-analytics/global-fraud-report-2018.html