As organizations and customers navigate the ever-increasing landscape of fraud and cybersecurity threats, the need for trust becomes paramount. In a recent webinar exploring these challenges, I, along with Surash Patel from TeleSign and John Bruner from Aegis Mobile, help shed light on the significance of establishing trust and the responsibility brands bear in protecting their consumers. Drawing from the 2023 Telesign Trust Index and industry initiatives, this article delves into consumer expectations, the impact of trust on businesses, and evolving strategies to foster trust in the digital economy.

Consumer Expectations and the Power of Trust

According to the 2023 Telesign Trust Index, which surveyed consumers, an overwhelming 94% believe that businesses hold the responsibility for safeguarding their privacy. Moreover, consumers are more likely to engage and transact with brands they trust. Deloitte research reveals that trusted brands enjoy a 25% increase in consumer spending. Therefore, the correlation between trust, customer loyalty, and financial success cannot be ignored.

Challenges in a Digital Landscape

In a world of increasing digital sophistication, distinguishing between good and bad actors, as well as authentic messages from fraudulent ones, poses significant challenges. The rise of fraud and data breaches has highlighted the vulnerability of consumers and the potential damage to a brand's reputation. A staggering 43% of consumers reported severing ties with a brand following a data breach, with many publicly sharing their negative experiences on social media.

The Need for Continuous Verification

In response to these challenges, the traditional notion of "trust, then verify" is evolving into "always verify, and then trust." Data privacy and security are critical, necessitating proactive measures to protect consumers. Brands must adopt appropriate strategies to instill confidence in their customer base.

Telesign Continuous Trust™ Authority: Building a Safer Digital World

In addition to unveiling the Telesign Trust Index, Telesign has launched the Telesign Continuous Trust™ Authority initiative. This industry-wide effort aims to collaborate with various stakeholders in the digital economy to reduce fraud and maintain trust. By aligning industry and government initiatives, companies can establish systemic trust and shape future policies.

Steps to Protect Brands, Consumers, and the Industry

During the webinar, we explored several actions that brands can take to enhance trust and secure their relationships with consumers. One such measure is mobile phone intelligence and phone number risk scoring. Telesign assists brands in assessing the risk associated with consumer engagements across different stages of the customer journey, enabling informed decision-making in real-time.

Mobile phone risk scoring assigns a score from 1 to 1,000 based on various factors, including SIM swapping signals. By leveraging this scoring system and other available data, brands can determine the trustworthiness of mobile phone numbers involved in transactions or critical touchpoints. Regular checks can be conducted throughout the customer lifecycle to mitigate potential harm and fraud.

Protecting Brands through Organizational Risk Scoring and Messaging

Complementing mobile phone risk scoring, Aegis Mobile collaborates with U.S. mobile operators and The Campaign Registry (TCR) to evaluate brand legitimacy before approving 10 DLC (ten-digit long code) text messaging traffic. Aegis Mobile's automated vetting process quickly verifies a brand's legal standing, ensuring that bad actors are kept at bay and consumers are protected.

Preparing for a Future of Systemic Trust

Looking ahead, the concept of systemic trust emerges as a promising solution. By cryptographically signing every message and interaction between organizations and individuals, accountability is established. This approach enables both brands and consumers to hold each other responsible for their actions, all while preserving dignity, privacy, and security. The advent of personal and organizational identity is on the horizon, paving the way for verifiable claims and enhanced trust in digital interactions.

Conclusion: Embracing Trust in a Changing Landscape

As the digital landscape evolves, brands must prioritize trust-building initiatives to protect their consumers and reputation. The initiatives discussed in this article provide a starting point, and it is crucial for brands to adopt and roll out similar programs. The journey towards a new business metric, focused on verified connections and cryptographic assertions, may take time. However, by prioritizing trust and implementing proactive measures, brands can navigate the challenges of the digital age and build enduring relationships with their customers.