SINGAPORE: A recent survey conducted by Ping Identity has unveiled alarming statistics regarding consumer trust in organizations’ ability to manage personal data. According to the findings, a staggering 80% of consumers express a lack of confidence in these organizations when it comes to handling their sensitive information.
This sentiment is further amplified by a separate statistic revealing that 86% of respondents do not trust organizations that manage their identity data.
The survey highlights a variety of concerns among consumers, with identity theft emerging as the top worry, followed closely by fears of financial loss and data breaches. Notably, the report indicates that online shopping is perceived as the most vulnerable activity, with 72% of respondents feeling at risk for identity theft while making purchases online. This is closely followed by 69% who feel vulnerable when accessing online banking and 68% during social media use.
In a bid to enhance their sense of security, an overwhelming 95% of consumers indicated that they would feel more secure if organizations implemented verification methods, such as multi-factor authentication (MFA) and biometrics, to protect against fraud. The desire for smoother digital experiences is also evident, as 87% of respondents expressed a wish for improvements in how they log into apps and websites.
The survey results further reveal notable preferences among Singaporean consumers regarding authentication methods. Many respondents are likely to opt for multi-factor authentication, with a preference for biometrics and one-time password prompts via text or email, particularly in exchange for a more convenient and secure experience.
The emphasis on MFA and biometric solutions in Singapore may stem from a higher level of sophistication in online applications, as well as a growing preference for seamless login experiences that biometrics can facilitate.
Featured image by Depositphotos
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