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iovation Financial Services Report: Fraudsters Go Mobile 50% of Time, Security and Privacy Drive Consumer Banking Choices

Risky Transactions on Mobile Devices Increase 138% Since 2017; Security and Privacy Top Priority for 72% of Consumers Selecting a Bank or Credit Card

iovation, a TransUnion company, 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.”

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Some of the financial services findings in the report include:

Consumers go mobile

  • Mobile device usage as a percentage of all online transactions has increased from 28% in 2014 to 61% so far in 2019.
  • Mobile app usage grew at twice the rate of mobile web usage, from 15% in 2014 to 39% in 2019. Mobile web transactions went from 14% in 2014 to 22% in 2019.
  • 62% of mobile consumers used iPhones, 34% Android devices, and just 4% iPads between September 2018 and September 2019.

Fraudsters go mobile too

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  • Since 2017, the percentage of suspected fraudulent transactions from mobile devices increased 138%. This far outpaced the growth in overall mobile transactions which only grew in the same time by 30%.
  • So far in 2019, 50% of suspected fraudulent transactions were from mobile devices. In 2018 that statistic was 41% and in 2017 it was 21%.

Trust and security influence which financial institutions consumers use

  • 3 out of 4 consumers (72%) say account security and privacy are primary factors in deciding which institution they bank with/have a credit card with.
  • 2 out of 3 consumers (64%) would switch financial services companies for one that has more advanced security protocols in place.
  • 2 out of 5 consumers (39%) have already closed an account with an online financial services company due to security and fraud concerns.

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“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.”

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.

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