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Forrester Study Reveals Post-Pandemic Emphasis on Identity Verification Enhancements

Identity Trust
LexisNexis® Risk Solutions commissioned Forrester Consulting to conduct a global online survey of identity verification (IDV) and fraud prevention experts. The detailed survey and study revealed that companies are investing in IDV data and technologies and aligning updated fraud prevention processes with increased online activity attributed to the COVID-19 pandemic. Sixty-four percent of surveyed professionals acknowledged an increased importance of IDV and authentication capabilities due directly to COVID-19.

Risk Management and Fraud Prevention Professionals Call for IDV Enhancements

Risk management and fraud prevention professionals have long recognized the importance of effective IDV and authentication tools, technologies and processes for business success. Our commissioned Forrester survey and study exposed increased focus on effectively and efficiently protecting customers, as well as accelerated investments aimed at strengthening internal IDV programs. For example, 87% of respondents surveyed reported that their organization plans to evolve their IDV processes within the next 12 months.

Improving IDV Comes With Some Potential Barriers

According to the study, the vast majority of respondents recognize the need for improvements in IDV and risk prevention and acknowledged some key barriers that make achieving the desired upgrades a challenge, including:

  • The complexities of integrating current IDV technologies together
  • The high and ongoing costs of processes
  • The high costs of transitioning to a new IDV platform
  • Finding the balance between thorough authentication to prevent fraud and customer friction, especially since fraudsters now have access to so much consumer data

Three Main Areas of Improvement Identified

The survey found that a significant percentage of respondents agreed on three key areas for IDV enhancement:

  1. Security and preparedness against emerging fraud threats from IDV tech advancements
  2. Improved customer experience with optimized risk-appropriate friction through additional data source integration
  3. Increased risk signals across channels through multi-layered authentication processes

The COVID-19 pandemic created an influx of online consumer activity, which inevitably brings with it an increase in potential fraud. This in-depth LexisNexis Risk Solutions commissioned Forrester study clearly shows that businesses, and more specifically, fraud and risk management professionals are aware of this shift and are responding accordingly by investing in data, technology and resources that can improve IDV and authentication.

Download the full study to review actual survey results charts and explore more detailed information about IDV, authentication and fraud prevention trends.

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Global Identity Trust Transformed Study: Importance of IDV Infographic

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Global Identity Trust Transformed Study: Investing in IDV Infographic

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