Consumer Perception Study
IDology, a leader in smart, multi-layered identity verification and GDS Link strategic partner, recently surveyed US-based consumers to learn more about their perceptions of identity verification and authentication and how they have been impacted by major data breaches and related headlines.
The results of the study are very interesting. Compared to how they felt a year ago, 57% of American adults are more concerned that their personal information will be compromised in a data breach. But, despite high concerns about breaches, consumer password practices remain weak. Only 40% of Americans who had been notified their data was breached took the basic step of changing their account passwords and 44% of consumers in general write their passwords down.
Another finding is though consumers have high expectations that companies will be able protect their personal information, 20% of respondents have no confidence that businesses can do so. Both security and ease during online account opening is highly valued and sign-ups that are too long or difficult lead 1 in 3 consumers to abandon the process. Additionally, fifty-six percent of consumers report they are more likely to choose a financial institution that uses advanced identity verification methods.
IDology’s Consumer Digital Identity Study surveyed 1,024 consumers between March 7, 2018, and March 23, 2018. Survey respondents are representative of the online U.S. population 18 and older, or around 224 million people. The respondent panel was provided by research firm Qualtrics. Additional consultation and analysis was provided by Futurion. The infographic shown here distills the major findings from the study – for a more in-depth analysis, download the full study.