70% of customers are willing to share personal data in exchange for usability

Daniel ZimmermannFebruary 7, 2019

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The Experian team prepared the Global Identity and Fraud Report, which addresses the issue of user willingness to share personal data. According to data published by experts, 70% of users are ready to provide more personal data in exchange for improved online security and convenience.

Experian’s report, in fact, addresses the problem of opposing the usability of a service and its security. Usually, organizations behind such services invest in either security or an improved user experience. However, research has shown that users expect services to offer both a decent level of security and acceptable usability.

Experts have found that 70% of users are ready to provide organizations with whom they interact with more personal data, if it helps to improve security and convenience.

“Security and convenience are the bedrocks of a dynamic digital marketplace that effectively manages risk and delivers a seamless experience.The availability of information consumers share with businesses makes this possible, but it’s the same information that puts them at a greater risk for fraud, making trust more important than ever.”
– said Steve Pulley, Experian’s executive vice president and general manager of Global Identity & Fraud Solutions.

To develop the study, Experian® interviewed more than 10,000 consumers and more than 1,000 businesses across 21 countries around the world. Additional findings from the third annual fraud report include:

55 percent of organisations reported a boost in fraud-related losses over the past 12 months, particularly account opening and account takeover attacks.
60 percent of consumers worldwide are aware of the dangers involved with providing their individual information to banks and retailers online.
90 percent of consumers are aware that services are collecting, storing and using their individual info.
Banks and insurance companies are the companies relied on most by customers across the majority of areas. Online retail sites and social media sites trail substantially on trust.
Almost nine out of 10 consumers report performing personal banking as their leading online activity.
Passwords, PIN codes and security questions stay the authentication methods most extensively utilized by services, followed by file verification, physical biometrics and CAPTCHA.

SOURCE Experian