Just over half of Canadians say that protecting their identity online is more important than protecting their money, according to new research from payments company Interac Corp.
The Toronto-based firm reported that a survey of 1,500 Canadians found that 52% believe it’s more important to guard their identity online than it is to protect their money.
The survey also noted that 83% of respondents said that their identity represents one of their most valuable assets, and that 65% believe that a digital ID would be at greater risk of theft than their physical identity documents (driver’s licences, passports, etc.).
For Canadians to feel secure relying on a digital ID, the survey found that they would need control over their data, and for their ID to be protected by at least the same level of online security used by financial institutions.
In fact, the survey found that 62% would prefer using a digital ID to a physical ID, if it was protected by bank-level online security.
Fifty-eight per cent of respondents said that “transparency around how their information is used is the most important factor in trusting digital ID.”
“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,” Debbie Gamble, chief innovation labs and new ventures officer at Interac, said in a statement.
The national online survey of 1,500 residents of Canada was carried out by Hill+Knowlton Strategies in partnership with Leger, between Feb. 20-26. Quotas based on census data were used to ensure representation by province, age and gender.