As organisations and consumers increasingly interact over digital channels, both parties must find ways to establish mutual trust. Based on insights from almost 6,000 consumers and 590 businesses across Asia-Pacific (APAC), Experian’s Global Identity and Fraud Report APAC edition highlights that trusted online relationships are based on businesses providing both a secure environment and seamless consumer experiences. 501 consumers and 50 businesses from Vietnam participated in the study.
The report found that the majority (57%) of Vietnam consumers valued ‘security’ as the most important element of an online experience, followed by ‘convenience’ (31%) and ‘personalisation’ (12%). The report also found that 50% of Vietnam businesses had experienced an increase in online fraud-related losses over the past 12 months. This includes account takeover attacks and fraudulent account openings. As a result, 66% of Vietnam consumers surveyed felt that the trade-off for convenience in today’s digital society was privacy, with 63% of businesses in Vietnam collecting more personalised data to develop tailored user experiences, targeted products and offers.
“With interactions between businesses and consumers increasingly taking place over digital channels, building an environment characterised by security and mutual trust should be a leading priority,” said Dev Dhiman, Managing Director, Southeast Asia and Emerging Markets, Experian. “It will be imperative for business leaders to invest in identity verification and fraud management capabilities to realise the full potential of Vietnam’s digital economy.”
Data is vital for the seamless delivery of digital services and the growth of Vietnam’s Internet economy. According to Google-Temasek’s e-Conomy SEA 2018 report, Vietnam’s internet economy contributes 4% of the country’s GDP and is considered to be the most developed among its Southeast Asian peers.
While existing security methods used by organisations are still more traditional in nature, report findings revealed that new technologies and advanced authentication solutions are viewed favourably by consumers. In fact, Vietnam consumers who have encountered physical or behavioural biometrics during online banking showcased confidence in these security measures. 87% had high confidence in physical biometrics, the highest in APAC, while 76% indicated high confidence in behavioural biometrics.
“Consumers are increasingly looking to organisations to implement measures to enhance security and protection in digital interactions, and they are also looking to them for a more simplified approach. One approach that has proven both effective and well received among consumers is biometrics, which speeds up and simplifies the identity verification process for consumers”, said Mr Dhiman.
Organisations from the banking, financial services and insurance sector, government agencies, and payment system providers were determined to elicit the greatest levels of consumer confidence when it comes to handling personal data. Government agencies in Vietnam enjoy the highest level of consumer trust (69%) in APAC.
Transparency is another key determinant in building mutual trust. The report found that 90% of Vietnam consumers expected full transparency from businesses on how their information is used, second only to Thailand (93%) in APAC. Recognising this need, 78% of Vietnam businesses surveyed have invested more into programmes designed to increase transparency in the last six months, with 86% having plans to invest more into such initiatives; both of which are the highest in APAC. Examples of these initiatives include educating consumers, communicating terms more concisely and helping consumers feel in control of their personal data.
The full Global Identity and Fraud Report – Asia-Pacific edition can be downloaded here.
Experian’s identity and fraud business comprises of nearly 300 fraud experts around the world working to protect people’s identities and fight fraud for businesses across multiple sectors, including financial services, telecommunications, retail/e commerce, insurance, government and healthcare.
About Experian
Experian® is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime. We have 16,500 people operating across 39 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Press release distributed by EloQ Communications (formerly Vero IMC Vietnam).