2019 Experian Identity and Fraud Report highlights that Indian consumers demand greater security over convenience and personalisation.
Experian, one of the leading data analytics and decisioning companies, today released the 2019 Experian Identity and Fraud Report: Asia-Pacific Edition. The report highlights that trusted online relationships are based on businesses providing both a secure environment and seamless consumer experiences. With insights from almost 6,000 APAC consumers including India, the report found that majority (71%) value ‘security’ as the most important element of online experience, followed by ‘convenience’ (15%) and ‘personalisation’ (14%).
Of the 590 APAC businesses surveyed, 65% of Indian businesses have experienced an increase in online fraud-related losses over the past 12 months. This includes account takeover attacks and fraudulent account openings. Majority of the respondents in India feel they are sacrificing privacy for convenience in today’s unpredictable threat landscape.
While existing security methods used by organisations are still more traditional in nature, report findings revealed that 64% of Indians favoured the new technologies and advanced authentication solutions. In India, more than 40% of the consumers surveyed encounter advanced authentication methods regularly, which is the highest in APAC.
Transparency is another key determinant in building mutual trust. The report found that 65% of Indian consumers expect full transparency from businesses around how their personal information is used. In line with this trend, Government agencies in India such as the Reserve Bank of India (RBI), are constantly working towards consumer’s online security in a proactive manner. RBI has been diligently putting measures in place to ensure digital transactions in India that are protected through the implementation of Know Your Customer (KYC). Regulatory bodies have also upheld consumer protection by holding several large industry players liable for the unauthorised use of personal data.