In 2023, Mastercard conducted further research
on identity verification, surveying both consumers
and business decision-makers.
Consumers have limitless options at their fingertips. The world of online experiences gives consumers an unprecedented amount of choice. But the online element has introduced its own set of challenges; one of them is verifying that your customers
are genuine.
Organizations must ensure that customers are who they say they are, defending against fraud to protect their reputation and consumer trust. They also cannot make the process too difficult or else they risk customer abandonment and financial loss.
In 2019, Mastercard’s “Infinite Want: Consumers Demand Speed and Security in the Digital Experience” report uncovered that consumers desire fast and convenient online interactions that are secure.
Organizations must adapt to the ever-changing landscape they find themselves in. Operating digitally with limited human interaction creates identity verification challenges, which are much greater than those faced in the past.
The lack of human interaction requires organizations to employ different tactics to prove consumers are who they say they are. But this trust goes both ways. Organizations also need to gain the confidence of the consumer. This can be a challenge, particularly if someone has experienced fraud or read accounts of others being impacted.
The balancing act of verifying a customer’s identity without undue frustration is a challenge that organizations must overcome. By using the right identity verification tools, organizations can keep this balance in check.
Our key findings
1
Trust
Consumers need to trust in a business to confidently interact with it, regardless of the transaction they are completing. This is more important to consumers now than ever before.
87%
say trusting companies is becoming increasingly important for them
78%
would use a company’s mobile app or website less if they did not trust it
80%
believe it’s either very important or absolutely crucial to trust an online banking or financial services mobile app or website
2
Fraud
3
To maintain trust while preventing fraud
Organizations need to have the right solutions in place so they can enable smoother identity verification, faster transactions and greater confidence at every touch point.
90%
of consumers say their trust levels are influenced by how an organization verifies their identity
92%
want a fast, frictionless experience when using a company’s mobile app or website — but they also don’t want to compromise security or trust
Using Mastercard's identity insights to assess risk helps ensure that customer interactions involve less friction, providing them with a positive user experience that solidifies their desire to remain a trusted and loyal customer. This technology also allows organizations to elevate experiences for consumers. The research also found that consumers from different generations approach trust in different ways.
Organizations can take advantage of this and tailor the experience to different age groups, further building confidence with their customers while also fortifying the security of the organization.
The consequences of fraud are severe for both the consumer and the organization involved, eroding trust and consumer confidence.
93%
have concern that they will either have their identity stolen or be the subject of fraud at some point in the future
62%
experienced stress or anxiety as a result of having their identity stolen or being the victim of fraud in the past three years
71%
report that if they experienced fraudulent activity when using a company’s mobile app or website, they would not use it again
69%
would be likely to tell other consumers and users about any fraudulent activity they experience
Identity: Facilitating trust, driving growth and providing great customer experiences
IDENTITY
Identity: Facilitating trust, driving growth and providing great customer experiences
IDENTITY
Get the full report here
Download
