The foundation of building trust starts with strong cybersecurity and fraud prevention. As such, protecting users from fraud has always been businesses’ highest priority task. But how exactly can a secure, anti-fraud security system gain brand trust?
For businesses that offer digital services, users demand that they protect their personal information with the most imaginable protection. People are expecting them to show their commitment to protect their data.
This article will explain about the cybersecurity impact on user trust and ways businesses can use it to strengthen trust. Understanding this topic can truly help them to build trust.
Why Cybersecurity and Fraud Prevention Matter for Brand Trust
Today, both of these are so important that many businesses implement cybersecurity and fraud prevention for apps and web services. However, what is their relation with brand trust?
- Preventing data breaches that erode brand trust. Allowing data breaches to happen can expose users’ personal information to the fraudsters, losing their trust. Businesses must prevent this by implementing stronger anti-fraud protection systems.
- Building a trustworthy reputation for a brand. Businesses can be seen as trustworthy companies if they are proactively showing their commitment to securing users’ personal information.
- Giving a competitive advantage in the market. Businesses can display their strong security systems to advertise themselves. Users who are likely to choose companies that prioritize security will begin to trust them.
How Cybersecurity and Fraud Prevention Affect User Perception
As a front-end user, their perception will decide whether businesses are worthy of their trust based on the level of security the businesses have. Here are several aspects of cybersecurity and fraud prevention that can alter the way users see businesses:
User Trust and Data Protection
Logically, users see businesses as someone who they are dealing with. Before performing transactions with them, users have to make sure that businesses are trustworthy and capable of keeping their sensitive information to themselves.
If users think this business exposes them to fraud, they won’t be dealing with them. On the other hand, if users think this business is secure enough to protect their data, they will be eager to begin the transaction with them.
Security as a Core Product Experience
For some users, robust security and fraud prevention are some of the reasons why they stay loyal to the brand. Businesses can actually use security as a core product to not only gain user trust but also their loyalty.
Apple is one of the real-life examples of those who do this. Based on a 2022 survey from Beyond Identity, 49% of Android users switch to Apple due to its perceived superiority in security and privacy. This shows how marketed security can affect user perception.
Transparency in Cybersecurity
Users demand business information about how they handle their personal data. It is within their right to know the procedures of collecting data before starting to trust businesses.
If data breaches occurred, businesses must explain how they mitigate an attack and stay accountable. By practicing brand transparency and accountability, users will see businesses as honest and dedicated companies, gaining their trust.
Common Security Threats that Erode Brand Trust
Trust and security in digital products or services are two important things that intertwine together. If security threats show up in the businesses, both security and trust will be compromised. Let’s learn more about these common security threats:
Account Takeover and Identity Fraud
Starting from the most common ones, which are account takeover and identity fraud. These affect users personally as their account information is at risk. Here’s the difference between them:
- Account takeover gains illegal access to user accounts without their permission. In most cases, victims can’t log back into their stolen accounts because the passwords have been changed.
- Identity fraud steals users’ personal information to commit fraud or crimes. They may also use them to create a synthetic identity by combining personal information with fake data.
Not only do they create more victims, but these frauds can also erode brand trust, since users can’t trust businesses that are failing to protect their data.
Fake Accounts to Abuse Systems
Fake accounts are notorious for easily causing eroded brand trust. This is because fake accounts disrupt fair use in digital services (like online gaming), especially to the point where fraudsters make a bunch of fake accounts to abuse some mechanics.
If businesses are incapable of combating these fake accounts, legitimate users who feel betrayed will lose the trust they put in the businesses.
Data Breaches or Leaks
The last thing businesses want for their company is to experience data breaches. This is because data breaches are not just stealing users’ personal data but also leaking confidential data that are not meant to be publicly available.
Such a violation can erode brand trust. Users may not be able to regain the trust in the same businesses again.
How Cybersecurity and Fraud Prevention Build User Confidence
After knowing the cybersecurity impact on user trust, how can businesses build that trust? Before gaining trust, businesses need to build user confidence first. Let’s start by using robust security systems, such as:
Proactive Fraud Detection
Protecting users from fraud can be difficult, especially since they can evolve. To combat them, businesses can implement fraud risk assessment, which can predict and stop potential threats based on the risk score.
This system uses AI and machine learning to analyze large data for suspicious behavior, then alarms businesses for further mitigation.
Secure Authentication without Friction
Businesses can strengthen their security system and secure user experience with seamless authentication. This system verifies users in the background by checking their device, behavior, and location.
What makes seamless authentication user-friendly is that there is no OTP needed to verify users. Users can seamlessly log in without needing to find a message containing OTP first.
Real-time Fraud Protection
Lastly, businesses can continuously monitor activities for suspicious acts, but doing this manually is not effective. For that, businesses can implement an automatic real-time detection for continuous monitoring, ensuring immediate action can be taken.
The Right Solution to Strengthen Brand Trust
Businesses must prioritize brand trust in mobile apps, websites, and other forms of digital services by utilizing advanced security systems that can prevent fraud. Fortunately, this is where Keypaz can help you.
As an AI-powered fraud prevention and authentication platform, Keypaz has all the businesses need when it comes to security and fraud detection. Plus, it can improve user experience with seamless authentication, helping businesses to satisfy users.
With Keypaz, businesses can strengthen their cybersecurity and fraud prevention systems any day. Start your free trial to see how Keypaz does it with real-time intelligence.