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Trouble in the time of the Great Switch
More than 5.5 million adults in the UK fell victim to identity fraud in the last 12 months
Gus Tomlinson Chief product offi cer, EMEA, GBG
Nearly one in 10 smartphone users in the UK (9%), as many as 5.7 million people, have fallen victim to identity fraud in the last 12 months, according to our research. Our Digital Identity Report 2022 can reveal
that young adults aged 18-to-24 were hardest hit with almost a fi fth (18%) becoming victims of identity fraud compared to 9% of 45-to- 54-year-olds, and just 3% of consumers aged 55 and over. The research also uncovered high levels of
anxiety, with a large majority of the British people surveyed worrying that becoming a victim of fraud is inevitable. 93% of respondents (94% of 18 to 24-year-olds) felt concerned that they will fall victim to fraud in the future. According to the report, among those
British consumers personally impacted by identity fraud: 44% had their bank account accessed and money taken. 28% had their credit card/bank account stolen and used. 23% had their name used to open new credit card or bank account. 19% had a new utility account opened in their name. 5% had their mobile phone number stolen and cloned. 4% had a new loan taken out in their name. The research, conducted by Censuswide,
surveyed both consumers, who own a smartphone, and business leaders across Europe – UK, France, Germany and Spain. The report found fraud is major concern across Europe – with 9% of consumers across the continent also being hit in the last 12 months.
March 2022 Almost half (42%) of European businesses
surveyed said they had experienced known or suspected attempted fraudulent activity in the past 12 months, with 33% saying it had increased compared to last year. Those experiencing a known or suspected
fraud attempt said the average transactional value of a breach was £16,000. While a quarter (25%) claimed each fraud breach cost their business between £10,000 and £35,000. Despite this, almost a third of businesses (31%) do not use technology to verify the identity of consumers. As a result, fi rms are putting both themselves and consumers at risk of fraud, including the growing threat of increasingly sophisticated fraud attempts such as social engineering, SIM swap and synthetic fraud.
By accurately identifying and authenticating an individual, businesses can stop fraudsters in their tracks and consumers are actively looking to businesses to protect them. There is a real opportunity for businesses to step up – to not just see fraud as just a threat but as an opportunity to build trust, better protect
their customers and business, and grow their customer base.
Balancing fraud prevention and friction during ‘The Great Switch’ The report reveals that around two thirds (66%) of European consumers signed up to at least one new online account in the past 12 months, with 67% doing the same in the UK. The research reveals that when signing
up for a new account, consumers think it is important that the process is easy (99%), secure (98%) and quick (97%). It appears many consumers are now more than willing to ditch a brand if they have a poor onboarding experience. Most people in the UK, and indeed across Europe, have signed up for goods and services online over the past few years but the fact that so many consumers have opened completely new accounts in the past 12 months may indicate that we are witnessing ‘The Great Switch.’ With people spending increasingly more time online, they have begun to re-evaluate if they are getting the best service possible – or whether it is time to try a new provider. The modern consumer demands a smooth
Almost half (42%) of European businesses surveyed said they had experienced known or suspected attempted fraudulent activity in the past 12 months, with 33% saying it had increased compared to last year
www.CCRMagazine.com
onboarding experience and expects to be able to transact online securely. It is all about fi nding that balance between fraud prevention and friction online. By understanding more about digital
identities, layering the right data and having the best technology in place, companies can keep consumers safe in a digital world and keep up with evolving consumer expectations. CCR
29 In Focus
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