IDology’s Third Annual Consumer Digital Identity Study captures timely insights from Americans on identity, digital account opening and fraud
ATLANTA – July 15, 2020 – In the last six months, an astounding number of consumers have migrated their everyday activities and transactions to online and mobile platforms out of necessity. As digitization accelerates, new research from IDology, a GBG Company, reveals insight into how consumers view identity, digital account opening and fraud. The findings, combined with the changing fraud landscape, are a call for businesses to rethink online identity verification, particularly during onboarding. If ignored, the lost revenue could be significant as the report reveals that in the last 12 months, nearly 50% of consumers have abandoned online account sign-up because the process was untrustworthy or too difficult. The abandonment rate has risen year over year and is up from 37% from 2019.
“We’re experiencing a perfect storm in which digital identities are becoming a priority for consumers and businesses are being forced to onboard a rapidly growing number of new customers, many of which are inexperienced with digital transactions. At the same time, fraud tactics are becoming more plentiful and sophisticated,” said Christina Luttrell, COO of IDology. “One of the major impacts of COVID-19 is the pressure for businesses to onboard new legitimate customers safely, which creates problems for those without the proper identity verification systems and processes in place. Now more than ever, success and revenue are tied to a multi-layered defense that can quickly deliver what people want while protecting their information and deterring fraud.”
The need for businesses to understand how these factors impact their ability to quickly greenlight customers and establish trust are further evidenced by these key findings from IDology’s Third Annual Consumer Digital Identity Study:
The Third Annual IDology Consumer Digital Identity Study reflects survey responses from 1,499 U.S. consumers between February 25, 2020 and March 7, 2020. The respondent panel was provided by research firm Qualtrics. Online survey respondents were representative of the online U.S. population 18 and older, which equals more than 225 million people.
To obtain a copy of the Third Annual Consumer Digital Identity Study: Unmasking the Implications of Trust, Friction and Fraud in the Digital Realm, click here.
For the IDology Consumer Digital Identity Study Infographic, click here.
IDology, a GBG company, provides real-time technology solutions that verify an individual’s identity and age for anyone conducting business in a consumer-not-present environment to help drive revenue, decrease costs, prevent fraud and meet compliance regulations. Founded in 2003, IDology offers a solution-driven approach to identity verification and fraud prevention that ultimately helps increase customer acquisition and improve the customer experience. IDology has developed an innovative and on-demand technology platform that allows customers to control the entire proofing process and provides the flexibility to make configuration changes that are deployed automatically—without having to rely on internal IT resources or IDology’s customer service so businesses can stay ahead of the fraud landscape while maintaining compliance. For more information, visit www.IDology.com or call 866-520-1234.