ATLANTA — LexisNexis® Risk Solutions and Forrester Consulting published research examining the current state and challenges of identity verification (IDV) and authentication solutions and how those processes become increasingly critical in a post-pandemic world. The research highlights how businesses can manage these activities in a way that produces benefits for both the business and consumer.
The report found that companies rank identity verification as highly important for maintaining customer relationships, security practices, fraud prevention and brand reputation with businesses seeking more accurate and holistic IDV coverage to improve process accuracy and achieve optimal fraud control across channels.
Organizations are eager to confidently manage and support consumers while decreasing security threats and building trust, particularly during a time of digital transformation accelerated by the pandemic. IDV processes are essential in creating a strong, low friction customer experience. Sixty four percent of respondents said the pandemic increased or significantly increased the importance of their IDV and authentication processes and 71% increased prioritization of customer experience.
The research confirms that organizations are aware of the increase in potential fraud caused by the expansion of online consumer activity and in response are prioritizing the importance of identity management. Eighty six percent of survey respondents say their organization plans to evolve their IDV processes within the next 12 months by making investments to increase the number of risk signals, be better prepared for emerging fraud threats and improve customer experience.Forrester’s Key Recommendations for Identity Management Decision Makers:
“Forrester’s survey findings give us a better understanding of how our customers and other companies around the world are adapting to the new normal of the digital economy,” said Kimberly Sutherland, vice president of fraud and identity strategy at LexisNexis Risk Solutions. “Companies rely on strong identity verification and authentication to create the trusted experience that their customers expect.
“The past year of the pandemic only served to accelerate the existing online activity trend,” Sutherland continued. “Many organizations have committed to strengthening their fraud prevention policies, but those that have not risk getting left behind, resulting in poor consumer interactions and decreased revenue. The right solutions layered together builds a tighter web for optimal fraud prevention. This survey definitively concludes that combining both physical and digital identity attributes can transform the way businesses engage in commerce.”
The research surveyed 426 global fraud and identity professionals in the UK, Brazil, Canada, China, France, Germany, Mexico and the U.S. in sectors such as technology, retail, manufacturing, financial services and telecommunications.
Download a copy of the Identity Trust Transformed report and join Forrester Consulting analyst Andras Cser and Kimberly Sutherland Wednesday, June 16th at 11:00 am ET to review the report findings.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
Senior Director, Global Communications