Every year, IDology deploys a survey to business executives and fraud professionals across a variety of industries to get a pulse on fraud, its impact on businesses over the past 12 months, and the predictions industry leaders have about fraud in the coming year.
At a high level, the report emphasizes the negative impact that data breaches have had (and continue to have) on the trust consumers place in businesses. While IDology’s research shows that businesses remain very confident in their abilities to protect consumer data, consumers don’t necessarily match that trust level. This gap in trust is an important area of opportunity for businesses to fill—and set themselves apart from the competition at the same time.
The number one problem companies face today in fraud deterrence is managing customer friction while protecting against fraud, complying with regulations, and continuing to fortify the mobile channel. Almost all organizations see identity verification as a competitive advantage when it’s executed correctly. Businesses that successfully close the trust gap with their customers do so by implementing digital identity verification solutions that take advantage of multi-layered anti-fraud defenses and precision location solutions.
Take a look at the following infographic to view the report’s major findings, and then download the full version here.