Almost 40 billion records were stolen from social platforms last year, which shows a huge downside to the current growth online. This explains why researchers at PYMNTS found that 43% of companies intend to invest in digital authentication solutions, and nearly 80% say they will trade growth for security while incorporating better technology. authentication.
PYMNTS ‘June 2021 report, The Next Wave: Business Adoption Of Digital Identity Protection, an Equifax Collaboration, based on a recent survey of over 300 auto dealers, banks, credit unions, and alternative / P2P lenders, notes that centers of interest for organizations, companies are aware that they have problems in these areas. Many plan to invest in solutions that will help them improve in response.
79% of those surveyed will increase the security of digital transactions, “even if that means acquiring fewer new customers. This view is more prevalent among businesses located in small towns and rural areas (defined as having less than 250,000 inhabitants) at 86%, and in cities (defined as having between 250,000 and one million inhabitants) at 86%. 79% ”, according to the report.
Strong interest in these solutions is warranted, as the results also indicate that digital authentication still has a number of vulnerabilities to address, as customers’ digital know-how, internal challenges, and lack of financial resources can all slow down. adoption of digital identification technology.
“Fifty-four percent of P2P lenders who are considering investing believe digital authentication processes have led to the creation of fake identities, compared to 43% of car dealers,” according to the report.
A potentially troubling data point examines the internal challenges of getting approval for new digital authentication solutions. According to The Next Wave, 55% of businesses “admit that poor coordination between fraud and security strategies and customer-facing operations prevents identity verification and authentication processes from becoming more efficient.” . Meanwhile, 45% of businesses that have been in business for more than 30 years say their fraud and security are closely coordinated with customer-facing operations.