The digital revolution is almost in full-swing and consumers
are logging in online to handle everything from shopping to personal financing.
As more consumers are creating online accounts to carry out daily tasks,
businesses must keep up with this trend. From social media to mobile apps, businesses
are doing everything they can to keep their head above water during this online
revolution. With consumers and businesses are making the transition online,
one of the biggest concerns both parties have is with online security. In
created by BT.com, it outlines usage of financial institutions online. Forty-four
percent of financial institutions are using more than four providers and 66% of
consumers consider themselves very to extremely concerned about security of
their personal information online.
As the increased of usage of financial institutions online
rises, companies must apply fraud
prevention systems to protect their users. Even though most people are
using four or more providers online, 43% of these financial institutions are
only using one token of authentication.
This can raise some concerns for online users who are weary
of sharing their personal information online. So why arent companies using
better and more identity verification and authentication? Companies want
simple, effective fraud prevention solutions. Ninety-one percent of companies
want a single, stronger authentication method for online services. Companies need better online security, but are wanting a single solution. By implementing real time
identity verification and authentication, companies can help prevent
fraudulent activity on their platforms. Once companies can provide this
security for their consumers, they will be more likely to use the online
platform freely without concern.
[Contributed by EVS Marketing]