Mobile phone security concerns. Credit/Shutterstock

Consumer preference for online transactions continues to shape how credit unions adapt and serve their members. People appreciate a seamless digital experience when opening new accounts that is simple and secure. Yet, 51% of consumers have considered abandoning a new account opening because of a negative experience, according to a recent Experian report.

At the same time, over half of consumers said they feel like they are more of a target for online fraud, listing identity theft (64%), stolen credit card information (61%) and online privacy (60%) as their biggest concerns. Consumers aren’t the only ones feeling the increase in fraudulent activity, with over half of businesses reporting a high level of concern about fraud risk.

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