Carlos Sovegni, director of fraud and security intelligence at SAS EMEA & AP, highlighted the need for financial services organisations to ensure customers feel protected, as people will switch providers if they feel fraud safeguards are inadequate. Despite fraudsters using digital platforms to contact victims, 88% of consumers plan to continue or increase their use of digital services. The study also found that 25% of consumers believe their financial providers are unclear about their fraud protection measures, and 30% believe more needs to be done to improve the security check process. However, 75% would accept more delays and checks for better fraud protection, and 56% prefer authentication using unique identifiers like biometrics over fixed passwords.
Key takeaways:
- Nearly two-thirds of UK consumers are willing to switch providers if they don't feel adequately protected against fraud, according to a study by SAS.
- Approximately 90% of consumers believe organisations should do more to protect them from fraud, and 87% are growing increasingly wary of it.
- Three-quarters of consumers are fearful of becoming a victim of fraud, and a third have already been a victim twice or more.
- Despite the fear of fraud, 88% of consumers plan to continue or increase their use of digital services, and 56% prefer to be authenticated using unique identifiers like biometrics instead of fixed passwords.