Canadians are more concerned about their identity than their money

The digitalization of our lives provides many advantages but also raises certain risks according to a new survey.

Canadians like the idea of the convenience that digital tools provide but they are concerned that they are less secure than physical counterparts and worry about identity theft.

More than half of respondents to the Interac survey said that it is more important to protect their identity online than their money (52%).

Despite this concern, almost half said they have taken photos of their key identity documents including passports and driver’s licences even though 59% acknowledge sharing these online is risky.

Official online versions of these documents would be welcomed by 86% of respondents but 65% say they are worried that these digital IDs would be at greater risk of theft than physical versions.

"Canadians told us they are ready for more convenient, digital options to manage their identity documents online and on their mobile devices," said Debbie Gamble, Chief Innovation Labs and New Ventures Officer, Interac Corp. "They also indicated how important safeguarding their identity is, and that digital IDs must be secure and backed by trusted technology."

Knowledge gap

The concerns reflect, at least in part, the lack of knowledge of how to keep ID safe online with 77% unsure of how to do that.

As a sign of Canadian consumers’ trust in their banks and other financial services providers, most (62%) said that if their digital ID was protected by the security used by their financial institutions would drive them to favour digital ID over physical ones. More than half want federal regulation of digital IDs.

"Building digital ID platforms that are anchored in convenience, control over personal information, and security will be key to unlocking the full potential of Canada's digital economy," said Gamble. "While most think of Interac as a payments company, the foundational technology behind our secure payments network, combined with the trust we have established with Canadians over our 35-year history, positions us well in the future to enable digital ID across a range of devices and platforms."

Other highlights

The Interac survey also revealed that:

• Six in ten Canadians report they find it difficult to keep track of all their physical IDs

• Eight in ten Canadians (77 per cent) feel they aren't in control of how their information online is used

  • Almost seven in ten (67 per cent) would prefer to use a digital ID if it means having more control over how their personal information is used and shared

• Nearly six in ten (58 per cent) agree that transparency around how their information is used is the most important factor in trusting digital ID

• When presented with specific scenarios involving digital versions of the most widely used physical ID documents, Canadians indicated that the proposed process sounded more convenient than the existing process:

  • Passport renewal: 71 per cent

  • Accessing health records: 71 per cent

  • Driver's licence renewal: 67 per cent