Security, privacy top priority for consumers when selecting a bank, iovation report

Wednesday 30 October 2019 10:44 CET | News

iovation, a TransUnion company, has announced the results of its '2019 Financial Services Fraud and Consumer Trust Report' at Money 20/20 US.

The report includes the analysis of tens of billions of global online financial services transactions that iovation and TransUnion have screened for fraud, as well as a survey of 1,604 consumers.

Mobile device usage as a percentage of all online transactions has increased from 28% in 2014 to 61% so far in 2019. Furthermore, mobile app usage grew at twice the rate of mobile web usage, from 15% in 2014 to 39% in 2019. Mobile web transactions went from 14% in 2014 to 22% in 2019. 62% of mobile consumers used iPhones, 34% Android devices, and just 4% iPads between September 2018 and September 2019.

Nevertheless, fraudsters go mobile too; since 2017, the percentage of suspected fraudulent transactions from mobile devices increased 138%. This far outpaced the growth in overall mobile transactions which only grew in the same time by 30%. So far in 2019, 50% of suspected fraudulent transactions were from mobile devices. In 2018 that statistic was 41% and in 2017 it was 21%.

Trust and security influence which financial institutions consumers use, with 3 out of 4 consumers (72%) saying account security and privacy are primary factors in deciding which institution they bank with/have a credit card with. 2 out of 3 consumers (64%) would switch financial services companies for one that has more advanced security protocols in place and 2 out of 5 consumers (39%) have already closed an account with an online financial services company due to security and fraud concerns.

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Keywords: iovation, Money 2020, study, mobile, fraudsters, fraud prevention, online transactions, fraudulent transactions, trust, security
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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