Security News > 2022 > March > Cosumers don’t think they can dodge identity fraud

Nearly one in 10 smartphone users in the UK, as many as 5.7 million people, have fallen victim to identity fraud in the last 12 months, according to a research by GBG. The report can reveal that young adults aged 18-to-24 were hardest hit with 18% becoming victims of identity fraud compared to 9% of 45-to-54-year-olds, and just 3% of consumers aged 55 and over.

The report revealed that fraud is major concern across Europe - with 9% of consumers across the continent also being hit in the last 12 months.

As a result, firms are putting both themselves and consumers at risk of fraud, including the growing threat of increasingly sophisticated fraud attempts such as social engineering, SIM swap and synthetic fraud.

Gus Tomlinson, Chief Product Officer, EMEA at GBG, said: "By accurately identifying and authenticating an individual, businesses can stop fraudsters in their tracks and consumers are actively looking to businesses to protect them. There is a real opportunity for businesses to step up - to not just see fraud as just a threat but as an opportunity to build trust, better protect their customers and business, and grow their customer base."

The report reveals that 66% of European consumers signed up to at least one new online account in the past 12 months, with 67% doing the same in the in the UK. The research reveals that when signing up for a new account, consumers think it's important that the process is easy, secure and quick.

"The modern consumer demands a smooth onboarding experience and expects to be able to transact online securely. It's all about finding that balance between fraud prevention and friction online."

News URL

https://www.helpnetsecurity.com/2022/03/11/smartphone-users-identity-fraud/