Explore digital consumers’ growing challenges as online activity and digital transactions rise, leading to more fraud victims and con artists. Discover digital consumers’ preferred solutions and how fraud risk is rising.
Online activity and digital transactions are both growing rapidly, but so are the number of fraud victims and con artists. Which solutions do digital consumers favor the most, and how are they increasing their risk of fraud?
The average digital consumer has more than 20 active accounts for applications and websites, according to Okta, a US-based identity and access management business, in its first consumer Identity Trends Report. 75% of consumers have 10 or more active accounts at the same time.
The effects of having a large number of active accounts along with several inactive and occasionally forgotten ones are already becoming apparent. The likelihood of data breaches increases with the number of accounts a user has, particularly if those accounts are secured by a standard username and password, are forgotten, or are not kept up with over time.
More than 20,000 customers were polled for the survey regarding their online experiences and attitudes about digital identity in 14 different countries, including North America, Europe, Asia-Pacific, and Japan.
Passwords: A cause of conflict and annoyance
The main cause of most decisions to abandon the checkout when purchasing online is friction. According to a recent Okta research, 60% of consumers worldwide indicated they would be more likely to spend money on services if the login process was quick, safe, and easy.
The poll indicates that passwords are a significant source of conflict. 65 percent of consumers feel overburdened by the quantity of usernames and passwords they must keep track of, and 33 percent find it difficult to come up with passwords that satisfy certain criteria. Another 64% of respondents said that they have forgotten their login or password at least once a month, which prevents them from accessing their accounts.
Finding the ideal mix between privacy, friction, and user experience can be difficult, according to Shiven Ramji, chief product officer of consumer Identity at Okta.
Businesses must evaluate their own environments and design a user interface that fosters trust and offers the required security measures to safeguard users’ sensitive data and thwart fraud.
It takes a strategic approach to identity and, in the end, a no-compromise attitude to security, privacy, and user experience because there is no one strategy that works for everyone.
“Frictionless, personalized, and instantaneous experiences” are what customers desire
The modern consumer places a high value on data privacy. Across all age categories, 75% of respondents said they thought having control over their data was vital. The significance of having control over their data increases when customers contact with highly regulated businesses, such as financial services (86%), healthcare (83%), and public sector organizations (81%).
Ramji added that “customers want seamless, personalized, and instantaneous experiences when entering into apps and completing transactions. At the same time, they also want to have control over the data they provide and want the right security measures in place to safeguard it.
Given the fierce competition for consumers’ attention, brands that want to forge enduring relationships with them must be open and honest about the information they require and the methods they employ to use it to provide a private, secure, and convenient experience. That is a fundamental demand from customers and shouldn’t be compromised.
