- Telesign’s Verify API Enhances Fraud Prevention: Telesign’s Verify API incorporates AI and ML to reduce fraud, secure identities, and lower verification costs across multiple channels, including SMS and email.
- Rapid Growth in E-Commerce Fraud: Global e-commerce fraud losses are expected to surge, with a projected increase of over 40% CAGR from 2023 to 2028, highlighting the increasing sophistication of online fraud tactics.
- Impact of Fraud on Brand Trust: A significant portion of consumers, 44%, avoid brands that have experienced data breaches, and 30% publicize these incidents on social media, further damaging the brand’s reputation.
Impact
- Enhanced Security Measures Boost Investor Confidence: Investors may see increased stability and potential growth in companies adopting advanced verification APIs like Telesign’s, due to enhanced security.
- Potential for Market Expansion: By offering robust fraud prevention tools, Telesign positions itself as a leader in a growing market, attracting partnerships and expanding its customer base.
- Reduction in Operational Costs: Businesses using Telesign’s AI-enabled API could experience reduced costs related to fraud management and customer verification, impacting their bottom line positively.
- Increased Consumer Trust: Effective fraud detection and prevention can lead to higher customer retention and trust, critical factors for long-term success in e-commerce.
- Rise in Demand for AI-Driven Security Solutions: The increasing complexity of fraud could drive broader adoption of AI and ML solutions in security, representing a growing sector for tech investors.
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