Despite often contributing to the proliferation of account takeover attacks plaguing e-commerce and digital banking, consumers are becoming more concerned about the problem, according to a new report. According to the 2022 Digital Consumer Banking and Fraud Survey from FICO, more than a quarter of consumers are worried about having their identity stolen and used to open a new account (28 percent) or for account takeover fraud (26 percent). But that still leaves nearly three-quarters of consumers who don’t care enough to change their behavior.
According to FICO, the results of the survey indicate it’s more important than ever that digital businesses find the right balance between implementing technology that helps prevent and manage fraud and delivering customers a seamless online experience.
“Even if consumers are not overly worried, [merchants and] financial institutions still need to be on their behalf,” said Nikhil Behl, chief marketing officer at FICO. “Organizations will need to continue to adapt and evolve to fight existing and emerging fraud threats. At the same time, they need to carefully balance fraud management with sustaining customer trust and delivering frictionless digital and in-person customer experiences.”
The survey results show that consumers are overconfident about their ability to recognize when they are being defrauded.