Consumers still lack trust in organizations to manage data
Consumers in Singapore are concerned on how their data is managed by businesses with many preferring to use multi-factor authentication to avoid identify theft and fraud.
How much trust do you have in organizations when it comes to managing your data? Can they guarantee that your data will be stored securely? Can they also guarantee that your data will not be used for marketing purposes or even sold to third parties?
While many consumers still lack trust in organizations when it comes to data, the reality is, organizations are heavily investing in solutions to not only ensure data is managed and stored properly but also meet all data regulatory and compliance requirements in place today.
According to Ping Identity’s 2024 Consumer Survey, 87% of consumers are concerned about identity fraud, fueled by growing AI fears. 89% of consumers are also worried that AI could compromise their identity security citing concerns on transparency and security risks. A whopping 97% of consumers worry about online data privacy with only a mere 8% fully trusting organizations in managing their identity.
These statistics were based on a study of 8,000 consumers across the UK, US, France, Germany, Australia and Singapore. While the global findings of the survey unveiled a similar pattern in the results, a deeper look into Singapore’s consumers unveil a more concerning outcome.
While the report indicated that 86% of organizations in Singapore still do not fully trust organizations to manage their identity data, 95% feel that verificaiton methods such as multi-factor authentication and biometrics would make them feel more secured and protected against fraud.
With 72% of Singaporean consumers feeling most vulnerable to identity theft when conducting e-commerce activities, many also felt that using online banking services (69%) and social media (68%) are contributing factors.
Given these concerns, Singaporean consumers are actually more in favor for a stronger emphasis on MFA and biometrics. In fact, one of the main reasons for this is probably because 95% of Singaporean consumers complain about keeping track of passwords with another 57% abandoning the use of an online service because they became frustrated when logging in.
As such, consumers are more likely to opt-in to MFA, followed by biometrics and text or email prompts with a one-time login password as authentication methods in exchange for a more convenient and secure experience.
Jasie Fon, Regional Vice President of Asia at Ping Identity explained that with digital experience being at the core of customer trust, and as expectations continue to evolve, brands must create a more secure and intuitive online environment.
“However, many Singaporeans are still dissatisfied with the digital experience and security provided by brands. Embracing technologies like decentralized identity and AI can set companies apart, but it's essential to address consumer concerns and ensure these innovations are adopted gradually and thoughtfully,” said Fon.