Veriff, a global identity verification (IDV) provider, today announced the release of the 2024 Veriff Identity Fraud Index. The report examines consumer preferences in using digital security to protect their identity online in the U.S. and Europe.

The Veriff Identity Fraud Index found that more than 75% of our consumers consider a company’s record on fraud prevention before signing up for a service. This is likely the reason why nearly two-thirds (64%) of consumers would accept a longer sign-up process involving the use of an ID document and a selfie if it means better identity and personal data protection.

More specifically, the report found that 39% of respondents viewed facial recognition/biometrics as the most secure method of logging into an online service. This is higher than the combined result for more frequently used approaches: one-time codes (21%) and passwords (14%). More than half of consumers (52%) would be happy using IDs and selfies to confirm their identities online.

“The internet has transformed how we conduct our daily lives, for personal and work activities, but it has also rapidly expanded our threat surfaces,” said David Divitt, Senior Director of Fraud Prevention and Experience, Veriff. “Consumers understand the dangers of online fraud, and it is up to organizations to combine robust security with accessibility and convenience to combat these threats. Companies that offer more multifaceted fraud prevention measures will have a key competitive advantage when it comes to attracting and retaining customers.”

Veriff surveyed 1,000 individuals across the U.S. and Europe, gathering diverse viewpoints across age groups, nationalities, and genders.