2021 UK&I Identity and Fraud Report

Experian explores the highlights and context around the priorities for identity and fraud management as part if techUK's Digital Identity Week #digitalidweek

Highlights from the global identity and fraud report

This report provides highlights and context around the priorities for identity and fraud management. It delves into business, consumer and Experian viewpoints – discussing, debating and posing questions. In reviewing this report, the question for UK businesses is how to create an environment where fraud and identity checks are integrated seamlessly into the customer journey, without disrupting the fast and easy digital experiences consumers expect.

The Covid-19 pandemic has accelerated demand for digital and online customer experiences. To keep pace, businesses have rapidly transformed their operations to accommodate new digital services and onboarding capabilities, while fulfilling consumer expectations for fast, easy and secure interactions. However, the rapid rise in digital activity has created new opportunities for fraudsters, exposing businesses and consumers to increased risks of fraud, identity theft and data breaches.

Experian conducted global research from June 2020 to January 2021, including surveying 900 consumers and 270 businesses across the UK. The global and regional trends marked notable changes in consumer preferences and the focus of businesses throughout the pandemic. This report focuses on the UK trends.

The research highlights changing consumer behaviour and preferences and the need for businesses need to find ways to continually improve the customer experience, while protecting consumer identities and information. When it comes to making fast, accurate decisions on credit risk, fraud and identity management, technology and analytics play a central role.

Highlights

62% of consumers say online security is their top priority with a growing awareness of the need to protect their financial information online

For the first time passwords did not feature in the top three most secure methods as perceived by consumers. The trend is moving towards more invisible and frictionless consumer recognition systems

Consumers consistently say they’ll abandon an online transaction if they have to wait more than 30 seconds for security checks

On average, 80% of UK businesses have a digital online identity strategy for customer recognition

When it comes to using technology in the future, the number-one priority for UK businesses is to improve how they detect and prevent fraud with strengthening the security of the mobile and digital channels a top investment priority

Businesses expressed less confidence that they have the right metrics and KPIs in place to effectively manage fraud making it no surprise that implementing new analytics methods and building new AI models is a key investment priority

Is your business one of the 20% of UK businesses that don’t have a robust strategy to seamlessly recognise and authenticate customer identities? Download the report now

Katherine Holden

Associate Director, Data Analytics, AI and Digital ID, techUK

Katherine joined techUK in May 2018 and currently leads the Data Analytics, AI and Digital ID programme.

Prior to techUK, Katherine worked as a Policy Advisor at the Government Digital Service (GDS) supporting the digital transformation of UK Government.

Whilst working at the Association of Medical Research Charities (AMRC) Katherine led AMRC’s policy work on patient data, consent and opt-out.

Katherine has a BSc degree in Biology from the University of Nottingham.

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