The rise of trust and safety on social media platforms and marketplaces

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Information technology has brought significant changes in society, moving the world from the industrial age to the new era of the digital age. The internet has disrupted the retail, energy, education, and healthcare sectors, among others, and its innovation extends to the way people interact.

Although old-fashioned methods still exist in some sectors, the Internet continues to penetrate new grounds, bringing about a complete transformation of society. Whenever the Internet crosses a new frontier, its acceptance is generally positive – probably since 5 billion people are already connected to the Internet through different devices.

Gone are the days of people driving and queuing in person to shop. Thanks to the Internet and e-commerce sites such as Amazon.com Inc. AMZN and eBay Inc. EBAYthe entire purchasing process has been simplified.

With the Internet of Medical Things (IoMT), healthcare professionals are able to monitor and track patients remotely through remote patient monitoring (RPM) and the use of mobile health wearables. patients.

Even the way people interact with each other has transformed, probably due to the rise of social media and instant messaging platforms like Twitter Inc. TWTR and Meta Platforms Inc. METAbelonging to Facebook, WhatsApp and Instagram.

Even if the Internet has brought advantages, the other side of the coin opens wide the doors to fraudsters. While the COVID-19 pandemic has acted as a catalyst for the growth of e-commerce and internet users in most parts of the world, it has also led to an increase in cases of fraud.

Marketplace fraud

Fraud can happen anywhere people interact, from social networking sites to dating platforms; however, cases are common on platforms where financial transactions occur.

Whenever a platform has a reputation for fraud, people lose trust and their willingness to participate in the platform drastically decreases. This scenario hampers the growth and success of a business. In contrast, when people trust their security, they trust both the platform and the people they interact with on the platform.

Trust and Safety Programs

The popularity of a business largely depends on marketing, and one of the main forms of marketing is word of mouth. According to a study by Nelsen and Edelman, less than half of consumers trust businesses globally, but 83% of Americans trust recommendations from friends and family.

This factor is arguably why companies launch trust and safety programs to protect their reputation. Trust and safety programs go beyond simply protecting a company’s reputation; they help make a market a fair place where people can transact and interact. This is also demonstrated by the predicted growth of the trust and security market, with a market size of $15-20 billion by 2024.

Keeping imposters and harmful or illegal content away from a platform helps a business enterprise gain credibility with society as a safe and secure place to do business, which could lead to its growth.

Wondering how to manage trust and security in your business?

Trust and security have been at the heart of marketplaces over the past two years. This is likely because if a business accepts payments online, they are liable if a fraudulent method is used to make a purchase. Every dollar of fraud costs a US retailer $3.60, according to a report by LexisNexis Risk Solutions.

When a company suffers these painful losses, it often hires a trust and security service provider to establish a strategy to authenticate users or lists, identify fraudulent transactions before they occur, monitor day-to-day activities on the company’s platform and respond quickly to community compliance violations. It’s here that TDCX inc. TCDX Between.

TDCX offers content, trust and safety services that help protect customers and brands on social media and other platforms. The company deploys artificial intelligence (AI)-based tools to examine large datasets and identify suspicious activity occurring on the platform.

The company’s AI-powered tools have the ability to detect fake accounts or hacked accounts, and with the help of trained fraud specialists, the company is able to quickly take appropriate action to make to these problematic activities.

With the wide range of choices and the ease with which customers can switch brands, trust is therefore an important factor to consider when planning the user experience.

picture by Jefferson Santos on Unsplash

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investment advice.

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