Interest in advanced online identity verification methods spikes to over 70 percent

May 15, 2019 | Chris Burt

The number of Americans who would be more likely to choose a financial institution if it offers advanced identity verification methods has increased by more than a quarter, from 56 percent last year to 71 percent, according to new research from IDology reported by Dark Reading.

The Second Annual Consumer Digital Identity Study shows 78 percent of consumers want online companies to be responsible for protecting their information, but 68 percent also strongly agree that protecting their personal information is their own responsibility. Consumers notified of a breach of their data had changed account passwords in 60 percent of cases, 38 percent had cards reissued, and 32 percent turned on two-factor authentication.

When asked about new tools for online account sign-in, 42 percent say they would use a password manager to auto-fill information, 34 percent say they would take a picture of an identity document. Just under a quarter said they would be happy with information being supplied by mobile carriers, or social media profiles. This is despite 37 percent overall, and more than half of respondents between 18 and 24, saying they have abandoned a new account signup process.

“The security industry has to make their products easy and secure,” IDC Research Vice President Frank Dickson told Dark Reading. “Companies have to invest, and it certainly takes extra work on the part of the provider. It’s a challenge, but it’s the responsibility of the provider to put in the extra effort and do it right.”

A recent report from Experian indicated that using physical biometrics for online authentication boosts consumer confidence by more than 30 percent.