84% of people say businesses should use AI fraud protection

Thursday 22 July 2021 13:23 CET | News

84% of consumers believe businesses need to use AI and automation to protect against sophisticated fraudsters, study finds.

According to research from Trulioo, people believe that businesses will need to rely more on automated fraud protection to protect customers as fraudsters become more sophisticated. 

The research revealed positive attitudes towards a number of newer methods of identity authentication amongst consumers in China, the UK and the US. Almost three quarters (74%) of people said they feel secure when they are asked to log into their bank account to verify their identity for other online services. A further 72% feel secure when behavioural biometrics, such as AI-enabled analysis of their voice and typing speed, is used.

The white paper, ‘New Fraud Threats in the Digital-First World’, examines how online brands can find the right balance between online security and customer experience in a digital-first world. One of the most striking findings of the research is the extent to which consumers are comfortable with bank account verification, where they log in to their bank account as a way to authenticate their identity for other digital services.

Nearly half of all consumers (48%) believe that online brands are ultimately responsible for protecting them from online fraud and identity theft, and 32% feel that the onus lies with their bank or credit card company. Fewer than one in five people (18%) stated that it is their own sole responsibility. Interestingly, consumers in the UK are more likely to assume responsibility for protecting themselves online (26%) than people in the US (19%) and China (9%). 

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Keywords: online security, cybersecurity, study, identity verification, digital identity
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime