Worry over identity fraud rises

Anxiety about identity fraud has seen a sharp rise among consumers in developed countries, fueled by worries over the development of AI.

According to a new survey from identity platform Ping Identity, identity fraud has become a concern for 87 percent of consumers across the U.S., UK, France, Germany, Australia and Singapore. This is almost a quarter (24 percent) more than last year. A vast majority (89 percent) see AI as a threat to identity security.

Over a third of respondents (36 percent) claim they have been victims of identity fraud with financial fraud and account takeovers being the most common types. At the same time, consumers are frustrated with the current offering of login methods, such as passwords, according to Ping.

More than half (54 percent) say they stopped using an online service because they became frustrated when trying to log in. Nearly 90 percent had complaints about passwords with a majority (61 percent), saying they have too many to keep track of.

One-time logins, multi-factor authentication and biometrics, on the other hand, were deemed more secure and convenient among 47, 46 and 40 percent of survey takers respectively.

The survey was conducted by Vanson Bourne which interviewed 8,000 consumers.

Article Topics

cybersecurity  |  digital identity  |  fraud prevention  |  identity theft  |  Ping Identity