Aite Group Assesses Consumers’ Behaviors for Protecting Their Identity and Financial Security.
Boston, November 10, 2016 - To quantify consumers’ engagement with fraud prevention and security, research and advisory firm Aite Group surveyed 2,802 consumers across the globe in Q3 2016. The goal was to understand the extent to which consumers are engaging in actual behaviors to help protect their identity and financial security, as opposed to theoretical behaviors that often don’t translate into action.
A number of readily available capabilities that can help consumers actively protect their finances and identity are on the market today. Payment card alerts are one preventative capability consumers can opt to use. Aite Group found that 89% of Indian consumers have signed up to receive debit card alerts, while 61% of U.S. consumers have signed up, and only 40% of Australian consumers have signed up. This discrepancy can be better understood by looking at consumers’ concerns regarding card fraud.
Aite Group finds that the percentage of Indian consumers who are very concerned about identity theft (60%), debit card fraud (73%), and credit card fraud (75%) is higher than consumers in all other countries surveyed. By contrast, only roughly one in three U.S., Spanish, and Australian consumers are very concerned about these types of fraud.
“It is human nature to be more willing to expend additional time and effort if there is a defined risk or reward for doing so,” says Aite Group research director Julie Conroy. “Consumers are more willing to engage in the fraud prevention experience if there is a perceived benefit for doing so or a perceived material risk for failure to act. Without these conditional consequences, human nature takes over and convenience trumps security.”
Aite Group’s latest report, Global Security Engagement Scorecard™, assesses global consumers’ behaviors to help protect their identity and security, and provides a roadmap for designing fraud prevention and education strategies.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Our Research Design and Data team contributes marketing research industry standards and expertise to the development and management of quantitative surveys and studies conducted by the firm, ensuring the highest quality in study design and data collection, and in the integrity of data analysis and interpretation. Visit us on the web and connect with us on Twitter and LinkedIn.