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.
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.
Nearly half of consumers do not think financial service providers have strong enough identification measures in place to protect them.
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.
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.
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’.
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.
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By leveraging mobile numbers, businesses and platforms can enhance the security of their authentication processes and provide users with a safer and more streamlined experience when using their business applications online.
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