Despite high-profile breaches, 98.6 million consumers write down passwords, and 163.6 million seldom change them. Nevertheless, 56% are more likely to choose a financial institution, which uses advanced identity verification methods.

Those are among the revelations from Atlanta-based IDology Consumer Digital Identity Study on the effect of major data breaches and related headlines on consumer perceptions and preferences.

Following some record-setting identity data breaches in 2017 and 2018, the study's findings demonstrate the need for financial institutions and businesses to comprehend shifting consumer behaviors, changes in cybercrime, and the need for stronger, yet frictionless identity verification to enable the overall growth of digital business.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).