The COVID-19 pandemic demonstrated how cybercriminals follow the money, and showcased their skill and ingenuity in targeting vulnerable consumers and businesses. They adapted to economic shifts and wreaked havoc. Coinciding with this, accelerated consumer adoption of and preference for digital channels elevated expectations around both experience and security.
Businesses need to optimize efforts to counter potential fraud risks whilst aspiring to offer the smoothest customer experiences possible. The fact two in three consumers surveyed globally by TransUnion in January 2022 said they’re likely to switch companies for a better digital experience underscores the strategic need to get this right.
Businesses should view fraud and identity solutions as not only defensive measures but assets that can support customer acquisition and retention. The right approach offers a better understanding of consumers, helps to improve the onboarding experience, and provides the foundation to build trust between business and consumer.