Americans have had it with two-step verification

July 10, 2018

Secure or simple? Millions of Americans are fed up with overly complicated web and phone security measures, based on findings of a poll released on July 9 by data analytics firm FICO.

The researchers, who polled 2,000 U.S. adults, report that 81% of respondents don’t see the need for what they consider unnecessary safety methods, according to a story posted on SWNS Digital. In fact, nearly one-half (47%) are sick of having to answer endless security questions whenever they call customer service departments. And over six in 10 (64%) are riled by the need for elaborate passwords featuring a mix of numbers, symbols and capital letters. Indeed, 78% said they struggle to keep track of all their passwords.

Forty-eight percent are fed up with the use of two-step verification and seven in 10 (71%) are frustrated by CAPTCHA codes —because, they say, the codes tend to feature illegible words.a

All in all,  more than two-thirds (71%) think there just are too many security measures nowadays.

T.J. Horan, a vice president for Fraud Solutions at FICO, comments, “There’s a real discrepancy here: Consumers are glad their bank{s are] protecting them, but frustrated that the protection is making it harder for them to open accounts and make purchases.

“When it comes to digital transformation, a smooth customer experience is going to be vital. The winners will be the firms that can balance this against the need to stop fraud.”

Interestingly enough, 46% of respondents said they even consider airport security to be an inconvenience and 38% regard mobile phone PINs as a somewhat of a hassle.

And perhaps it’s no wonder, as those polled have 34 different online accounts on average—including email accounts, shopping accounts, social media accounts, bank accounts, and more.

Finally, the security measures associated with banking appear to be particularly frustrating to those polled—especially when it comes to opening a new account online. Twenty-two percent said they would either give up on opening a bank account
completely, or give up and try at a different bank if they were forced to jump through too many hoops (such as having to post documents or travel to a branch in person)

“This survey shows the conflict between consumers’ desire for greater protection and their desire for easy processes,” said FICO’s Horan.“As we move to more instant transactions, including real-time payments, it’s clear that the industry has a lot of work to do to get this balance right.”

Research contact: greg.jawski@porternovelli.com

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