Other key consumer behavior trends and other major findings identified in the IDology study include:

Fraud concerns affect consumer choices online, with 83% surveyed having extreme to moderate concern about the fraudulently use of their identities to open accounts.
Consumers view biometrics, knowledge-based authentication and one-time passcodes as the most secure methods of authentication. Overall, 90% of consumers are comfortable answering knowledge-based authentication questions to verify their identities but prefer demographic-based questions over credit-based questions two to one.
When opening an account online, consumers place a premium on security (88%) and ease (72%), with 31% reporting they have abandoned signing up because it was too difficult or took too long. This reveals more than ever, consumers look to do business with financial institutions and companies that have minimal friction as part of their overall service experience, along with assurance that their transactions and identities are secure.

The IDology study also revealed that despite increasing concerns, many consumers still use vulnerable password practices. Forty-five percent of those surveyed write passwords down while 73% seldom change them, heightening the need for organizations to take extra measures and evaluate multiple and diverse consumer attributes to safely verify customer identities. Most concerning, 43% of American adults use passwords that are the same, or have only slight variations, across multiple accounts, the report revealed. "This is dangerous—once a criminal gets a password from a data breach, they use those credentials to gain access to financial accounts."

Instant Insights /

FIs, Businesses Need to Offer Stronger ID Verification

Related Stories

Recommended For You