Identify verification company Trulioo unveiled a new research report, which revealed many consumers feel digital service providers are putting too much attention toward product performance instead of security.
As the world continues to shift more personal data to the digital world, many users are feeling anxious about the possibility of becoming victims of a cyber attack. Trulioo research found that nearly 71% of survey participants from US, UK, and China feel that speed is the top priority for online brands, not security. This new attention to security is likely a result of the cyber crime surge that began over the course of the pandemic. In fact, the survey found that 76% of consumers feel less secure online now compared to the previous year.
“For online brands, the last year has been one of contrasts, with fantastic opportunities for customer acquisition and growth in many sectors, set against a backdrop of new and increased threats of fraud and identity theft,” commented Zac Cohen, COO at Trulioo. “This research suggests that we’ve reached a tipping point in consumer attitudes to online security - people are becoming acutely aware of the risks of transacting online and they want to know and see that their favorite brands are protecting them.
To help ensure businesses are putting an equal focus into both user experience and security, Trulioo has released ‘New Fraud Threats in the Digital-First World’, a new whitepaper that examines the rising security concerns of customers, and how managed service providers can help prevent attacks with fraud prevention strategies.
“Online brands are facing unprecedented levels of scrutiny and pressure to offer a secure and convenient experience,” Cohen added, “but if they can find the right balance, they can develop deeper, more meaningful relationships with customers.”
Edited by Luke Bellos