Security News > 2023 > July > Consumers demand more from businesses when it comes to security

The report found that consumers and businesses alike are keeping fraud and security top of mind amid uncertain economic conditions with nearly two-thirds of people surveyed reporting they're very or somewhat concerned with online security.

Just over half of businesses report a high level of concern about fraud risk with leading areas including transaction fraud, cybercrime and identity theft.

Nearly 70% of businesses report that fraud losses have increased in recent years and authorized push payment fraud is the leading fraud event type experienced by 40% of businesses.

The report found though that some businesses are listening to consumers with 32% of them saying they'll be investing in physical biometrics solutions.

"As fraudsters become more sophisticated and opportunistic, businesses need to proactively integrate the latest technology, data and advanced analytics to mitigate the growing fraud risk," said Kathleen Peters, Chief Innovation Officer for Experian's Decision Analytics business in North America.

"With the right identity and fraud prevention solutions in place, businesses can take a multilayered approach to verify identities, properly treat fraud and provide a frictionless customer experience that builds trust."

News URL

https://www.helpnetsecurity.com/2023/07/24/consumer-fraud-concerns/