SAS found that 87% of UK consumers are sceptical and 33% have seen repeated fraud occurrences, highlighting the need for improved security.

Data from a recent consumer fraud survey by AI and analytics company SAS indicates that over two-thirds of UK consumers will move providers if they don’t feel safe from fraud.

Following a study of 13,500 global consumers, SAS discovered that nearly 90% of participants thought businesses ought to be doing more to safeguard them from fraud.

According to SAS’s most recent analysis, “Faces of Fraud: Consumer experiences with fraud and what it means for businesses,” 33% of UK customers have already fallen victim to fraud twice or more, and 75% of them are afraid they may fall victim to it again in the future.

Eighty-seven percent of customers are becoming more skeptical of fraud, and when they receive a call from someone they didn’t expect to hear from, the majority will either ignore it or try to find out if it’s a legitimate caller, or both.

“With fraudsters becoming more sophisticated, it’s not surprising that three-quarters of consumers are afraid of becoming a victim of fraud – which means financial services organizations need to do more to ensure customers feel protected,” said Carlos Sovegni, director of fraud and security intelligence at SAS EMEA AP.

The takeaway from our research is that consumers are willing to move providers if they believe fraud protections are insufficient, which is something that no company in the very competitive financial services industry can afford. Even though scammers reach out to victims via social media, WhatsApp, and email, 88% of customers say they want to maintain or grow their use of digital services in the upcoming year.

Additionally, some con artists might use ChatGPT and other generative AI tools to aid in their deception. Ensuring that financial services providers can thwart increasingly complex schemes enabled by generative AI is a challenge. They also confront the issue of roughly four out of ten customers being less eager to divulge personal information, despite the fact that this information may be extremely important in the fight against fraud.

Fraud protection

Financial providers still have room to grow in terms of transparency and process

Transparency in customer interactions is crucial, as seen by the SAS study’s findings that 25% of consumers think their financial providers are unclear about the steps they are doing to safeguard them against fraud and other financial crimes.

Of those questioned about how security checks affected the customer experience, thirty percent thought that providers ought to streamline the procedure. Nonetheless, 75% of respondents stated that they would consent to increased transactional delays and verifications in exchange for improved fraud prevention.

It’s interesting to note that 56% of respondents would rather not have to remember fixed passwords when utilizing unique identifiers like biometrics for authentication at the point of transaction.

“Face recognition and fingerprints could solve two problems at once,” Sovegni continued. Because customers don’t need to memorize lengthy, complicated passwords, it speeds up transactions while adding an additional degree of security to thwart fraud.

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