Mobile Users Well Aware of Fraud but, for Many, Convenience Trumps Security Concerns

Today Jumio released a study conducted by research leader, Harris Interactive, that looks at consumer behavior on mobile, as well as how this behavior relates to mobile fraud. We uncovered some interesting insights.

The ubiquity of mobile phone use has become undeniable, with smart phones increasingly making up a larger piece of the proverbial pie. Our study shows two-thirds of mobile users are leveraging smartphones or tablets, which help take devices beyond calling to enable conveniences in all aspects of our lives. This connectivity has undeniable merits, allowing us to manage our work, social lives and personal finances anytime, anywhere. But with such accessibility also comes great responsibility—both for consumers and businesses. The more connected we are through our mobile devices and the more conveniences we are afforded, the greater the risk for mobile fraud.

The research tells us that consumers are well aware of mobile fraud (83% report being worried), and many have been victims of identity theft (one in four, much higher than the previously reported national average). But, convenience is trumping security concerns, with consumers continuing to transact on their mobile devices despite this threat—and expecting to do so even more in the future.

Our take? Users may be willing to accept risk now in favor of convenience, but this tolerance won’t last forever. Innovation and the availability of new services are outpacing the protections that are being put in place to truly combat mobile fraud—leaving a gaping hole between innovation (and subsequent adoption) and protection. It’s up to the industry to help close this gap — getting on board to safeguard themselves and consumers as much as the users need to take greater precautions. Check out the press release here…

About Jumio Corp

Jumio delivers the next-generation in identity verification, enabling businesses to reduce fraud and increase revenue while providing a fast, seamless customer experience.