Three-quarters of APAC consumers more confident in banks with biometric online security
Banks that use physical or behavioral biometrics to secure digital channels inspire higher confidence in three-quarters of consumers in the Asia-Pacific region, according to the Experian 2019 Global Identity & Fraud Report Asia Pacific (APAC) edition.
The report draws on surveys of thousand of consumers and hundreds of businesses in the region, and indicates security is the top concern for consumers during online interactions. In Hong Kong, this is especially the case, as 74 percent reported security as the most important element of an online experience, compared to convenience (15 percent), and personalization (11 percent).
Half of the businesses surveyed in the region have experienced an increase in fraud in the prior 12 months, but some consumers, including more than half of those in Hong Kong, feel that they are sacrificing privacy for convenience. Account takeover attacks made up 45 percent of those experienced by Hong Kong businesses, and 32 percent were fraudulent new account openings, according to the report.
“For the most part, businesses are doing a good job of delivering their products and services via the digital channel but now is the time to look at how businesses and consumers trust the online channels and how can they create greater value,” said Jian Huang, Managing Director of Experian Greater China. “With increasing fraud incidents, businesses have an imperative to deploy advanced technologies, to protect consumers’ information and at the same time, enhance their experiences.”
The global edition of the report, released earlier this year, shows that 74 percent of consumers overall report greater confidence in the security of businesses using physical biometrics, and biometrics have the largest positive impact on organizational trust in the U.S.