Tackling mobile identity fraud in Financial Services

Fraud rocketed during the pandemic. With Covid-19 accelerating the trend for online shopping and banking, fraudsters were poised to scam consumers.

Amid this backdrop of soaring fraud – and with a view to providing valuable insights for businesses who are fighting the challenges of fraud – we conducted independent research, asking consumers how fraud is affecting trust in financial services providers and what action they would like to see being taken.

The main findings are below, along with the opportunities for Financial Services. You can download the full report below.

Poor trust costs crypto 13m new customers

While nearly nine in ten (89%) know what cryptocurrency businesses do, they have much work to do on public trust; only 9% of those surveyed by TMT Analysis believe the services on offer are safe and secure.

9%

of respondents believe crypto services on offer are safe and secure

FRAUD COSTS THE UK 9.3BN

SIM Swap is one common form of attack that, according to Action Fraud figures reported in Which?, increased by 400% between 2015 and 2020.

Consumers want to know how banks protect them

Nearly half of consumers do not think financial service providers have strong enough identification measures in place to protect them.

Fake ID and better checks are the key

The Credit Industry Fraud Avoidance System (CIFAS) monitors fraud in the UK and reported that in just the first six months of 2021, identity theft had leapt 11% on the same period the year before, to an all-time high.

45%

Almost half of respondents in the whitepaper survey see identity verification technology as being central in the battle against fraud yet is not fully utilised by financial services firms

Mobile checks for onboarding and ID checking

The fact that mobiles are so central to everyday life means they must be placed at the heart of the financial services industry’s commitment to keep customers safe.

Key Findings

The latest figures from the Office of National Statistics show that for the year ending September 2021, overall fraud was up 36% with a 53% spike in ‘remote banking fraud’ and a 42% rise in ‘financial investment fraud’.

Communicate the measures your business takes against fraud (because 59% want to hear about advances in keeping their account safe).

47% of respondents could be put off by new services that do not have strong security checks

A further 45% see improved technology as crucial to tackling cybercrime.

Download the report below

Continuing to work on and improve security measures should be central focus for any provider that cares about its reputation, wants to retain the trust of its customers and scale the business. There is an opportunity ahead and now is the time to take action.