"Fraud Victims Risk More Than Money"

According to Telesign, digital fraud has significant financial and psychological consequences for victims. In addition, digital fraud can significantly impact a company's brand perception and bottom. In the digital realm, trust is of paramount importance. For businesses to establish and maintain long-lasting relationships with their customers, it is essential to understand consumer sentiment regarding this topic. Telesign researchers emphasize the responsibility of companies to ensure privacy protections and trust in every digital interaction, as well as what can occur when companies fail to meet this obligation. Data breaches, which accounted for 44 percent of fraud incidents in this study, have a profoundly negative effect on brand perception, with 44 percent of data breach victims discouraging others from associating with the brand. Forty-three percent of data breach victims ceased all personal association with the brand. Thirty percent of data breach victims posted about the fraud incident on social media, amplifying negative brand perceptions. Furthermore, 59 percent of victims who were initially exposed to fraud on social media indicate that they are less likely to use social media again in the future. Others report that their fraud experiences make them less likely to use online banking and payment services applications. This article continues to discuss key findings from Telesign's 2023 Trust Index report. 

Help Net Security reports "Fraud Victims Risk More Than Money"