Businesses may need to rethink their approaches to identity verification for millennial consumers.

These consumers are concerned about how financial institutions, retailers and mobile wallets handle their sensitive information, according to LexisNexis Risk Solutions’ latest study, released Tuesday. Millennials’ desire for secure access on all connected devices is bringing more and more friction to their distrust and unwillingness to share personal information and to businesses’ “need” to gather critical data for fraud prevention purposes.

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