New report pinpoints need for payments companies to balance security and speed during onboarding
Research shows 85% of online payments customers say brands that invest in the best identity verification measures show they care about consumers Vancouver, British Columbia, Oct. 24, 2022: Recent research commissioned by Trulioo, a leading global digital identity verification platform, shows consumers around the world have become far more concerned about online fraud and identity theft when making payments. Security is a major factor, with 73% of online payment service customers saying it’s a bigger consideration now than it was two to three years ago, according to the“Finding the payments sweet spot between security and speed” report. As a result, 58% of payment service customers are more tolerant of identity verification than they were two to three years ago, and 78% are comfortable with the process taking longer or involving more steps. The research also showed:
24% of payments leaders say their organization has a very good understanding of new and emerging fraud and identity theft threats that may require an evolution in onboarding and identity verification
89% of payment service providers say there is a sweet spot where identity verification can be highly secure while providing smooth, fast experiences for customers
57% of payment service providers added more identity verification steps to counter new security risks, while 40% removed steps as a way to simplify and accelerate customer onboarding
The research highlights how people are becoming more cautious about the brands they transact with online and thinking twice before opening new accounts. “We work closely with our customers to ensure they achieve the right balance in identity verification to create trusted, sustainable relationships and gain a competitive advantage,” Trulioo CEO Steve Munford said. “Striking that balance looks different in every country and jurisdiction. That's why it's important to partner with a company such as Trulioo that has global reach and expertise.” Download the report for more insight into providing the experiences payments customers expect, and visit Trulioo to learn how fast, accurate and secure identity verification can help companies optimize onboarding and build long-lasting relationships.