November 27, 2023 at 03:02AM
Digitalization has empowered consumers with more choices and information, but also increased concerns about identity theft and fraud. Consumers are worried about the misuse of AI and want their digital identity protected. Businesses can ease fears by implementing multifactor authentication and emphasizing adherence to privacy regulations. Passwordless authentication and proactive measures to secure personal information are essential for organizations to build trust with consumers.
Key takeaways from the meeting notes:
1. Digitalization has empowered consumers and given them more choices, leading to a golden age of consumer sovereignty.
2. E-commerce has introduced innovative ways of engaging consumers and has opened up new growth avenues for businesses.
3. Consumers share sensitive data during digital transactions and expect businesses to prioritize the security and protection of their personal and financial information.
4. Identity theft is a major concern for consumers, surpassing worries about personal information online, financial loss, or government surveillance.
5. Consumers are increasingly anxious about the possible misuse of AI technology to impersonate them.
6. During the holiday season, consumer concerns about fraud increase, and businesses must go the extra mile to protect their data and gain consumers’ trust.
7. Multifactor authentication (MFA) and one-time logins can help alleviate consumer concerns about fraud.
8. Adhering to consumer data privacy regulations and emphasizing compliance can make consumers feel more secure when sharing their information online.
9. Passwordless authentication can provide a seamless customer experience and ease the burden of remembering multiple passwords.
10. Breaches and a lack of identity protection cost organizations customer trust, and they need to take proactive action to secure and respect personal information.
11. Incorporating MFA, passwordless authentication, and AI technologies can help organizations effectively protect the identities they manage.
Author information:
Peter Barker is the Chief Product Officer at Ping Identity and has previous experience at ForgeRock, Oracle, Good Technology, Motorola, FedEx, and other companies.