Consumer Survey 2022: Fraud, identity and digital banking in South Africa
What do customers in South Africa think about how financial services organizations manage fraud and identity verification?
You want to attract and onboard new customers and provide legitimate customers with experiences that delight, but at the same time, you must also protect your organization, customers, and victims of identity theft from fraud. This e book provides insight from 1,000 South African consumers who we surveyed to find out what they think about how you protect them.
- 29% will abandon opening a personal bank account if identity checks are too difficult or time-consuming.
- Biometrics are a favorite security choice - 85% either like or have a strong preference to use fingerprints and 91% rate their security as excellent.
- Good fraud protection is your customers' number one consideration when they select a new account!
- 7.2% say their stolen identity has been used to open a financial account. That could equate to 2.7 million people.
- The risk of first-party fraud is high - more than 40% of people say that exaggerating income on applications is OK in some circumstances, or normal behavior.
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