PORTLAND, Ore. and LAS VEGAS, Oct. 29, 2019 /PRNewswire/ -- iovation, a TransUnion (NYSE:TRU) company, today announced the results of its "2019 Financial Services Fraud and Consumer Trust Report" at Money 20/20 USA. The report includes the analysis of tens of billions of global online financial services transactions that iovation and TransUnion have screened for fraud, as well as a survey of 1,604 consumers.
"Our research determined three key market drivers that will shape the financial services industry in 2020," said Melissa Gaddis, iovation's senior director of customer success. "Consumer trust is a competitive difference, fraud is going mobile mirroring consumer behavior and customer satisfaction is driven by the mobile platform."
Some of the financial services findings in the report include:
Consumers go mobile
Fraudsters go mobile too
Trust and security influence which financial institutions consumers use
"Sorting out fraudsters—who try to camouflage themselves with behavior that looks very similar to good customers—is always going to be a challenge in the mobile space," said Mary Ann Miller, head of fraud strategy at customer Varo Money. "In building our security systems, we put a lot of thought into the right balance of customer experience and safety. Otherwise we're putting up walls at the expense of good customers."
"It's clear consumers have taken notice of the thousands of global breaches exposing hundreds of millions of people's personal information each year," said Don Bergal, senior vice president of marketing at partner Temenos. "iovation's findings bring to light just how crucial security and privacy is for both protecting consumers and benefiting banks' bottom lines."
The complete iovation "2019 Financial Services Fraud and Consumer Trust Report" is available Nov. 5. Register to receive it here. To discuss the findings at Money 20/20 USA, find iovation at booth 4126.
Methodology
The financial services transactions iovation analyzed include those from day-to-day banking, credit cards, investments and loans for industries like automotive and e-commerce. The transactions iovation have analyzed so far in 2019 span from Jan. 1 to September 24, 2019. Between September 17 and 22, 2019, iovation collaborated with Insights West to survey 802 consumers from the United Kingdom and 802 consumers from the United States.
About iovation
iovation, a TransUnion company, was founded with a simple guiding mission: to make the Internet a safer place for people to conduct business. Since 2004, the company has been delivering against that goal, helping brands protect and engage their customers, and keeping them secure in the complex digital world. Armed with the world's largest and most precise database of reputation insights and cryptographically secure multifactor authentication methods, iovation safeguards tens of millions of digital transactions each day.
SOURCE iovation