Identity fraud set to be biggest threat
Responding to the findings, released during National Identity Fraud Prevention month, Equifax has urged organisations to adopt more stringent identity verification and authentication processes in order to instil customer confidence.
“It is clear from our research that fraud is a big concern for consumers, with more than half (58%) thinking that their risk of fraud has increased in the last 12 months and 77% believing that fraudsters are getting more sophisticated,” explained Peter Harrison, Equifax product leader for fraud and ID.
“We believe this highlights why consumer-facing businesses need to apply the best possible checks to reduce the risk of fraud.
“This will not only protect their own operations from the financial impact of fraud but give their customers more confidence that their concerns about fraud are being taken seriously.”
“With organisations such as CIFAS and Financial Fraud Action UK also reporting increases in fraud, particularly for online transactions, it’s not surprising that more than a third (37%) of the consumers we surveyed said they believe being online more has put them at greater risk of fraud,” added Harrison.