Telesign’s recently released report, the 2023 Trust Index, reveals that digital fraud is continuing to undermine consumer trust in businesses’ ability to protect their privacy. The report suggests that preserving consumer trust is vital for businesses to succeed in the digital market, with the Trust Index predicting that digital payment transactions will reach $2bn in 2023 and $3.5bn by 2027. The report also identifies the alarming rise of digital fraud, with half of customers surveyed expressing concerns about telephone and other forms of digital fraud in the past two years. The consequences for businesses that fail to maintain consumer trust with strong cybersecurity measures are set to be dire.
Joe Burton, CEO at Telesign, states that customers are okay with friction if they understand that it’s there to keep them safe. Instead of brute-forcing customers with multiple security questions, machine learning can help deliver an intuitive, trust-generating experience, and stop fake accounts, reduce onboarding issues and reduce account takeovers and promotion abuse.
Telesign is a Californian-based company specializing in telecommunications security and fraud prevention solutions.
Joe Burton is the CEO of Telesign.
