Consumers turning to billers to safeguard their data as threat of digital payments fraud escalates
Digital payment preferences are surging, according to the 2024 ACI Speedpay Pulse Report, published by ACI Worldwide, an original innovator in global payments technology. More than three-quarters of Americans now prefer to pay their bills digitally, especially Gen Z and Millennials, who show a significant inclination toward mobile payments. However, this increase in digital payments also brings about heightened risks – almost one in five consumers surveyed has fallen prey to online identity theft.
ACI’s annual Speedpay Pulse research report looks at consumer billing and payment trends, providing billers with insights and practical advice to capitalize on emerging trends and address threats impacting their business. This year’s report, now in its 7th edition, includes new survey questions to reflect the rapid proliferation of digital communications and payment channels, shedding light on the concurrent increase in digital identity and payments fraud.
“The surge in digital payments adoption presents promising growth opportunities for billers, but the threats of online identity theft and other risks continue to burden consumers,” said Ron Shultz, General Manager of ACI Speedpay. “This creates a prime opportunity for billers to enhance their payment capabilities with advanced, AI-powered fraud management solutions and double down on fraud awareness education to create a differentiated and secure customer experience.”
“The surge in digital payments adoption presents promising growth opportunities for billers, but the threats of online identity theft and other risks continue to burden consumers”
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Key Report Insights
- 77% of Americans now prefer to pay their bills digitally, with 26% displaying a preference for mobile over website. The shift to mobile is primarily driven by biller and bank mobile apps and digital wallets like Apple Pay and Google Pay.
- 18.7% report falling victim to online identity theft, with two in five reporting that an incident resulted in accounts being opened in their name.
- More than one-third of consumers believe their data is less secure than it was five years ago, a figure that has increased steadily.
- 29% of the consumers who rarely change passwords only do so when prompted by billers, highlighting the need for increased biller outreach and education.
- Almost 50% of consumers surveyed do not believe that companies properly educate them on how to keep their data secure, an increase from 2023.
- Consumers’ fear of scams is making debt collection harder; 34% of those surveyed said they avoid communications from debt collectors. Billers can replace debt collectors with virtual agents to create a secure, non-intrusive, and efficient debt collection platform.
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