The Rise Of Trust And Safety On Social Media Platforms And Marketplaces

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

Although old-fashioned ways still exist in some sectors, the internet continues to penetrate new grounds, bringing complete transformation in the society. Whenever the internet enters a new frontier, its acceptance is usually positive — probably since 5 billion people are already connected to the internet via different devices.

The days when people would drive and queue up in person to buy groceries are over. Thanks to the internet and eCommerce websites such as Amazon.com Inc. AMZN and eBay Inc. EBAY, the entire shopping process has been simplified.

With The Internet of Medical Things (IoMT), medical professionals are able to monitor and track patients remotely through remote patient monitoring (RPM) and the use of patients’ wearable mHealth devices.

Even the way people interact with one another has transformed, likely as a result of booming social networking and instant messaging platforms like Twitter Inc. TWTR and Meta Platforms Inc. META-owned Facebook, WhatsApp and Instagram.

As much as the internet has brought goodies, the flip side opens the doors wide for fraudsters to barge through. While the COVID-19 pandemic acted as a catalyst for eCommerce growth and internet users in most parts of the world, it has also led to the rise in fraud cases.

Fraud In Marketplaces

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

Whenever a platform has a reputation of fraud, people lose trust, and their willingness to participate on the platform vastly declines. This scenario hinders the growth and success of a business. In contrast, when people feel confident about their safety, 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 primary forms of marketing is word of mouth. According to research by Nelsen and Edelman, less than half of consumers trust businesses globally, but 83% of Americans trust recommendations from friends and families.

This factor is arguably the reason businesses are launching trust and safety programs to protect their reputations. Trust and safety programs go beyond merely protecting the reputation of a company; they help make a marketplace a fair place for people to transact and interact. This is also evidenced by the anticipated growth in the trust and safety market, with a market size of $15-20bn by 2024. 

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

Wondering How to Manage Trust And Safety For Your Business?

Trust and safety has been at the heart of marketplaces over the last couple of years. This is probably because if a company accepts online payments, it is responsible if any fraudulent method is used to make a purchase. Every $1 of fraud costs a U.S. retailer $3.60, according to a report by LexisNexis Risk Solutions.

When a company experiences these painful losses, it often hires a trust and safety service provider to establish a strategy to authenticate users or listings, identify fraudulent transactions before they happen, monitor daily activities on the company’s platform and quickly intervene whenever community compliance is breached. This is where TDCX Inc. TCDX comes in.

TDCX offers content, trust and safety services that help safeguard customers and brands across social media and other platforms. The company deploys artificial intelligence (AI)-powered tools to scrutinize large datasets and identify questionable activities happening on the platform.

The company’s AI-powered tools have the ability to detect fake or hacked accounts, and with the help of skilled fraud specialists, the company is able to swiftly take appropriate measures to deal with such problematic activities.

With the vast array of choices and the ease at which customers can switch brands, trust is therefore an important factor for consideration when planning the user experience. 

Photo by Jefferson Santos on Unsplash

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