Are Online Brands Prioritizing Speed Over Security? Here’s a Quick Look

Concern over online security has risen significantly in recent times. According to research published by Trulioo, consumers around the world have started feeling fear over online security threats, 71% of respondents living in China, the UK, and the U.S. feel that brand industries are prioritizing their businesses’ success over users’ security. 

Because of the Pandemic, around the world, e-commerce got hyped, every industry is strengthening its presence over digital platforms. Digital upgrades in the industries have enhanced the experience of the customers as companies saved their business from going down because of the pandemic restrictions. Meanwhile, the investment in new digital capabilities will serve long-term benefits to the companies. 

With restrictions easing in the post-pandemic period, many customers have responded that they now prefer banking and shopping online over offline services. In a Morning Consult survey of 2,200 U.S. consumers, on average, half of them said that they wouldn’t feel comfortable shopping at a mall for more than six months, which explains. 

Following the cyber fraud, around the world consumers are becoming way more serious about their online privacy. 76% percent of consumers feel that they’re at greater risk from online scams than they were a year ago, and 75% are now worried about becoming a victim of fraud. 

“For online brands, the last year has been one of the contrasts, with fantastic opportunities for customer acquisition and growth in many sectors, set against a backdrop of new and increased threats of fraud and identity theft”, commented Zac Cohen, COO at Trulioo. 

“This research suggests that we’ve reached a tipping point in consumer attitudes to online security – people are becoming acutely aware of the risks of transacting online and they want to know and see that their favorite brands are protecting them. Of course, world-class customer experience is critical to compete in a digital world, but brands should be aware that it can’t come at the expense of the most robust security practices.”