Desires for a better experience and concerns for security are still shaping the digital relationship between consumers and businesses, and identity is finding its way into every customer decision. The idea for Experian’s 2020 Global Identity and Fraud Report was to explore such insight. Based on input from over 6,500 consumers and 650 businesses worldwide, we developed an understanding of the complicated relationship people and businesses have with identity.
95% of businesses are confident they can identify their customers, yet — 55% of consumers don’t feel recognised
57% of businesses report higher fraud losses associated with account opening and account takeover
88% of consumers say their perception of a business is improved when a business invests in the customer experience, namely security
86% of businesses say advanced analytics is a strategic priority, yet only 57% think it’s important for identity authentication