Veriff Identity Fraud Index: Company's Fraud Record Impacts Consumers' Purchase Decisions

Consumers are willing to participate in longer sign-up  processes if it means better identity and personal data protection online

NEW YORK, April 2, 2024 /PRNewswire/ -- Veriff, a global identity verification (IDV) provider, today announced the release of the 2024 Veriff Identity Fraud Index. The report examines consumer preferences in using digital security to protect their identity online in the U.S. and Europe.

The Veriff Identity Fraud Index found that more than 75% of our consumers consider a company's record on fraud prevention before signing up for a service. This is likely the reason why nearly two-thirds (64%)  of consumers would accept a longer sign-up process involving the use of an ID document and a selfie if it means better identity and personal data protection. More specifically, the report found that 39% of respondents viewed facial recognition/biometrics as the most secure method of logging into an online service. This is higher than the combined result for more frequently used approaches: one-time codes (21%) and passwords (14%).  More than half of consumers (52%) would be happy using IDs and selfies to confirm their identities online.

"The internet has transformed how we conduct our daily lives, for personal and work activities, but it has also rapidly expanded our threat surfaces," said David Divitt, Senior Director of Fraud Prevention and Experience, Veriff. "Consumers understand the dangers of online fraud, and it is up to organizations to combine robust security with accessibility and convenience to combat these threats. Companies that offer more multifaceted fraud prevention measures will have a key competitive advantage when it comes to attracting and retaining customers."

Veriff surveyed 1,000 individuals across the U.S. and Europe, gathering diverse viewpoints across age groups, nationalities, and genders.

About Veriff

Veriff is the preferred identity verification platform partner for the world's most innovative growth-driven organizations, including pioneers in financial services, fintech, crypto, gaming, mobility, and online marketplaces. We provide advanced technology that combines AI-powered automation with reinforced learning from human feedback, deep insights, and expertise. Veriff is the partner of choice for organizations that need to rapidly and conveniently verify and safeguard users anywhere in the world. This is achieved by supporting the broadest number of identity documents, from more than 230 countries and territories. Our proven identity verification platform analyzes more than 1,000 data points including the person, document, device, and network to enable trust from the first hello. Learn more about Veriff at www.veriff.com.