In spite of a surge in fraud as a result of the current global health pandemic, research by digital identity specialists, Callsign, has revealed that consumers are not taking the necessary precautions to protect their online identity.
According to the group, convenience and speed of access of online goods and services remain the priority over personal security.
It comes as the current global health pandemic has led to large-scale social and behavioural shifts among consumers. Not only has it fundamentally changed attitudes toward risk, but it is challenging expectations around online security and convenience.
The research, conducted by YouGov in April 2020 on behalf of Callsign, surveyed more than 4,000 U.S. and UK consumers revealing complacency among consumers in relation to their perceived strength and level of protection their credentials provide. The results show that 77% believe their banking credentials to be the most secure, followed by online shopping (74%) and work network logins (71%).
This overconfidence may also explain why many consumers failed to update their login details, with more than half (52%) of online shoppers admitting they have no plans to update their login details. This figure rises to 55% with online banking customers and 54% for employees that are working from home, remotely accessing their work’s networks and systems.
Commenting on the findings, Amir Nooriala, Chief Commercial Officer at Callsign stated: “With fraud escalating at a staggering rate, businesses cannot afford to sit back and watch. Consumers have enough to worry about regarding the pandemic; their security shouldn’t be one of them.
“As more and more people shift their lives online, businesses need to take responsibility while encouraging customers and employees to prioritize personal security – without adding in extra cumbersome identity checks.
“Companies must use technology that allow consumers to log in without having to deal with pesky one-time-passwords via text messages or long forgotten security questions which could result in them switching provider. With businesses on the brink they cannot afford to lose customers that way. Instead, they need to make identification and authentication as safe and easy as possible.”