Customers trust only those firms that offer a secured online platform.
In the past one year, 65% of Indian businesses have experienced increase in online fraud-related losses, including account takeover attacks and fraudulent account openings, says a report. In India, majority of businesses expressed heightened concern about the potentially damaging impact of fraud, and that trusted online relationships are based on businesses providing both a secure environment and seamless consumer experiences, according to a study by data analytics company Experian. (Click on the Link to read the full report)
With insights from almost 6,000 APAC consumers including India, the report found that majority (71%) value ‘security’ as the most important element of an online experience, followed by ‘convenience’ (15%) and ‘personalization’ (14%).
Of the 590 APAC businesses surveyed, 65% of Indian businesses have experienced an increase in online fraud-related losses over the past 12 months. This includes account takeover attacks and fraudulent account openings.
“The Asia Pacific edition of Experian’s Identity and Fraud 2019 Report highlights the need for adoption of a secure and convenient platform by businesses” said Sathya Kalyanasundaram, Country Managing Director, Experian India. “While companies continue to innovate on new solutions that enhance the customer experience, there needs to be a focus on reducing the customer’s risk exposure by securing the data and information they currently access.”
While existing security methods used by organisations are still more traditional in nature, report findings revealed that 64% of Indians favored the new technologies and advanced authentication solutions. In India, more than 40% of the consumers surveyed encounter advanced authentication methods regularly, which is the highest in APAC.
Transparency is another key determinant in building mutual trust. The report found that 65% of the Indian consumers expect full transparency from businesses around how their personal information is used. In line with this trend, Government agencies in India such as the Reserve Bank of India (RBI), are constantly working towards consumer’s online security in a proactive manner. RBI has been diligently putting measures in place to ensure digital transactions in India that are protected through the implementation of Know Your Customer (KYC). Regulatory bodies have also upheld consumer protection by holding several large industry players liable for the unauthorized use of personal data.