Spain was found to be the country with the second most concerned users about online fraud.
Experian, a global information services company, released its annual Global Identity & Fraud Report, and reported that Spain was the country with the second most concerned users about online fraud (57%), behind only the United States (61%).
The study by Experian was based on surveys of more than 6,000 consumers and nearly 1,900 businesses in 20 countries: Australia, Brazil, China, Colombia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, the Netherlands, Norway, Peru, Singapore, South Africa, Spain, the United Kingdom and the United States.
That said, the report’s data revealed that more than half of the world’s consumers have been victims of online fraud or know someone who has. However, the same data also shows that the majority of consumers surveyed say they will increase their online spending in the next three months.
In this sense, according to the Experian report, the greatest concern of users worldwide in relation to online security is mainly related to identity theft, above others such as the theft of credit card information. In Spain, the biggest concerns are identity theft (60%), fake phishing emails or scams (56%), data privacy (51%), deepfake (38%), credit card data theft (34%), cyberbullying (24%) or social engineering attacks (20%).
The report also cites that consumers globally value the security of the online experience over other factors, regardless of the size of the company – if a brand consistently delivers positive digital experiences, consumers tend to trust that the organization will protect their data. Meanwhile, Loreto De Lucas, director of Commercial Strategy at Experian explained that maintaining a safe and secure online experience is the responsibility of consumers and businesses alike.
“Users must be aware of the risks that can be encountered online in order to maintain proper cyber-hygiene. Companies must implement solutions to recognize and prevent fraud while maintaining the best user experience,” she said.
Spaniards, however, do not feel that companies have fully met their expectations when it comes to their digital experience, even though payment system providers, credit card companies and technology and streaming service providers are the types of companies that global consumers trust the most when it comes to online security.
On the other hand, the report cites that curiously, it is Spanish consumers who are less concerned than other countries about the possible capture and use of personal data by online gaming companies (17% compared to an average of 24%) or technology providers (12% Spain compared to a global average of 17%).
It is also worth noting that 75% of consumers would be willing to share data if this would ensure greater security and better fraud prevention, although on this point Spaniards, along with Peruvians, Colombians and Chileans, would be the least willing to do so. Even so, 75% of users worldwide expect companies to adopt the necessary security measures to protect them in the online environment.
This is in line with what companies are also aiming for, where consumers in turn consider security as one of their top priorities. “For 70% of businesses, preventing fraud is their top concern, the highest figure ever,” the report noted.
Advances in AI technology and increased investment in automation are some of the key solutions companies have in place to deliver a better digital customer journey, as well as bolster security and increase digital procurement. In fact, according to the same study, 100% of the Spanish companies surveyed are planning to invest more in artificial intelligence and customer verification and authentication by 2022, as these solutions will allow them to combat and prevent cyber fraud, as well as segment both existing and new online customers.
Loreto De Lucas commented that in order to have all the tools and data sources together on a single platform to predict and prevent fraud, it is necessary to combine all traditional and alternative data, shared and modelled with advanced analytics techniques that help make the best decisions in the safest way for both the company and consumers.
“In an environment where criminals persistently seek the path of least resistance and, to combat this, organizations must be equally proactive in leveraging data as a defense, priorities investments in fraud detection and prevention, and demonstrate to customers that their security is paramount,” added De Lucas.
Finally, the annual report on identity and fraud, specifically in the case of Spain, also points out that the most used payment methods in the Iberian country continue to be credit cards (70%), followed by mobile wallets (58%), direct debit (48%), retail applications (34%) and contactless payment systems (29%). It is also worth noting that despite the fact that the use of cryptocurrencies does not reach 4% in the Iberian country compared to the global average of 12%, Spaniards perceive cryptocurrencies to be the most secure payment method, followed by mobile wallets and debit to account or payment with bank cards.
Source: Cointelegraph
Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
