People Will Trade Personal Data for Convenience and Security: Experian

People Will Trade Personal Data for Convenience and Security: Experian

People are more than happy to share their personal data, just as long as they’re getting something in return. 

That’s the main takeaway from Experian’s Global Identity and Fraud Report, which found that growing privacy concerns have not soured people on the overall potential of the digital experience. The vast majority (90 percent) of consumers are aware that businesses are collecting personal information, but 70 percent would still be willing to hand over more information if it would make their online interactions faster and safer.

“Security and convenience are the bedrocks of a dynamic digital marketplace that effectively manages risk and delivers a seamless experience,” said Steve Pulley, Experian’s Executive Vice President of Global Identity & Fraud Solutions. “The availability of information consumers share with businesses makes this possible, but it’s the same information that puts them at a greater risk for fraud, making trust more important than ever.”

So how do companies build that trust? Experian’s study found that consumer confidence jumped from 43 percent to 74 percent when some form of biometric authentication is used to safeguard information.

It also helps when companies are honest. Roughly 80 percent of consumers are more likely to trust a business that is transparent about its use of personal information. The report indicated that businesses are increasing their anti-fraud spending accordingly, a trend that is in keeping with earlier predictions.