Not only did COVID push businesses to increase digital transformation but it also ripened the fraud landscape, which has quickly evolved far beyond ransom attacks and BYOD security risks. Now smishing, phishing, friendly fraud and social engineering attacks are running rampant in our digital environment plaguing businesses and consumers alike.
The bad news is that businesses are only seeing the tip of the iceberg when it comes to bad actors and threats. Because more interactions are occurring online, the possibility for attacks has only increased.
What we do know:
Technology, security, accessibility and privacy all impact consumer confidence in a business.
Getting these core elements right can help a business flourish and drive revenue growth regardless of industry sector.
Businesses are realizing that online trust (the confidence users have in the ability of people, technology and processes to create a secure digital world) is foundational to success. Without it, they stand to lose billions of dollars in revenue, a crucial arm of their marketing/sales channel and potentially irreparable brand damage.
In order to push change forward, businesses must demand financial institutions take responsibility for their role in protecting customers from fraud and attacks. The second step is to require the government to enforce and create mandates around digital trust – just as they would put laws in place to ensure societal trust, more regulations and sanctions must be created in the online world. These two components will ensure consumers are safe online, which will increase their overall trust in interacting with businesses.
