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The cause and effect relationship between fraud and trust 

November 14, 2023

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This week I’ve got two words on my mind. These are words that don’t normally go together: fraud and trust. You may be asking yourself, “How can these words possibly go together?!” My answer to that is that they must go together, not in the same way as peanut butter and jelly and Bert and Ernie, but in the sense that when you think about fraud—its impact and how to avoid it—you must also think about trust.  

A business that cares about its customers—which should be any business—has to constantly think about how to earn and build customer trust. When fraud enters into the picture, businesses need to work even harder to keep that trust. And taking it a step further, businesses need to be proactive about preventing fraud to avoid damaging that trusted relationship. 

2023 Telesign Trust Index: why trust matters 

Today we announced the release of the latest version of our 2023 Telesign Trust Index, which highlights the critical role trust plays in the digital world. Previously, we shared how much fraud negatively affects consumers’ perception of brands, and that the onus of protection falls on businesses.  

The report also revealed that fraud is an equal opportunity offender. We found that 46% of digital fraud victims are between the ages of 25-44. On top of that, Millennials are 4x more likely to be defrauded than people aged 65 and older.  

The latest version of the report revealed that consumers now perceive fraud as an immediate threat, yet only about half (55%) are actively implementing measures to safeguard themselves. So, while we would like to see consumers be more proactive, the reality is that, as businesses, we need to double-down on doing everything in our power to help prevent our customers from becoming victims.  

International Fraud Awareness Week

This week just happens to be International fraud awareness week, which is a global effort to minimize the impact of fraud by promoting anti-fraud awareness and education. As we consider what it means to be aware and committed to fighting fraud, we need to consider how to lead the way as a business and trusted advisor to our customers. This means not only educating our customers about the risks of emerging fraud, but also showing them we are doing our part to help protect their best interests.  

At Telesign, we have always taken fraud seriously, which is why we’ve been committed to pursuing Continuous Trust™ from the beginning. It’s also why we’ve recently instituted the Continuous Trust™ Authority, a global initiative to help make the digital world a safer place, and our Trust Certified Badge, a visual signal for digital businesses that meet high standards of protection against fraud and identity theft. 

If you’d like more information on how Telesign can help you fight fraud and build trust, contact us today.