8 in 10 consumers do not trust organisations to manage their data

95% said multi-factor authentication would make them feel more secure.

86% of consumers do not trust organisations that manage their identity data, a survey by Ping Identity reveals.

The top concerns are identity theft followed by financial loss and data breaches. Doing online shopping (72%) made consumers feel most vulnerable to identity theft, followed by accessing or using online banking (69%) and using social media (68%).

Meanwhile, 95% indicated that verification methods including multi-factor authentication (MFA) and biometrics by organisations would make them feel more secure or protected against fraud. The data shows the desire for seamless digital experiences is widespread, with 87% wanting changes to how they log in to apps and websites.

Singapore consumers are likely to opt-in to MFA, followed by biometrics and text/email prompts with a one-time login password to the following methods to use the following authentication methods in exchange for a more convenient and secure experience.

 The survey found that in Singapore, there is a stronger emphasis on multi-factor authentication (MFA), and biometrics possibly due to a higher level of sophistication with online applications or a greater preference for seamless login experiences that biometrics can provide.

The findings detailed in the report are based on responses collected from 1,000 consumers in Singapore in Summer 2024 about their personal experiences and beliefs surrounding identity security.