85 percent of consumers more likely to use website that verifies identity
U.S. consumers have had enough of untrustworthy online interactions, and 85 percent say they are more likely to interact with websites that have a “seal of approval” indicating they verify the identity of all users than those that do not, according to new research released by Mitek.
The 2018 Digital Identity: Consumer Confidence Report was conducted by Zogby Analytics, and examines U.S. consumer behavior and attitudes toward identity verification and digital interactions. It indicates that despite a March report from the Bureau of Economic Analysis showing that the growth of the digital economy has outstripped the growth of the economy as a whole in the last 11 years by 5.6 percent to 1.5 percent.
The survey found that two-thirds of consumers say they would be more likely to do business with a website that can guarantee the identity of an individual. Further, 82 percent of consumers are concerned that ecommerce websites are not doing enough to verify user identities, and the same number are concerned that people offering goods and services on websites connecting them with are not honest about their identities.
The survey also shows that it is too easy to create a fake profile on social media according to 87 percent of consumers.
Eighty-five percent of consumers are concerned that they are on their own if something goes wrong with a transaction. Thirty percent say they have been deceived online, and nearly half of those who have never interacted with the business or individual the experience was associated with again.
“Consumers are cautious when it comes to online interactions,” says Kalle Marsal, chief operating officer at Mitek. “Companies have to work harder to build trust, loyalty and a good reputation with their customers, especially in digital channels. With the volume of online transactions and communications continuing to grow, consumers will proactively seek out businesses they can trust. Because of this, identity verification is no longer a nice-to-have, but a must-have.”
Both the CEO and CFO of Mitek recently announced they will leave the company, with former ID Analytics CEO Bruce Hansen assuming the role of chairman to assist in the executive transition.