One of the unfortunate truths for trust and fraud teams is that they spend more time fighting within their organization to get access to the data they need than they do fighting bad actors. These teams often build collaborative relationships with cybersecurity teams to address issues like credential stuffing and bots, but a new generation of digital natives is designing sophisticated fraud attacks that escape detection.
Large Enterprises Need Trust Platforms
Instead of relying on narrow collaborations, companies like Amazon leverage a technology platform to collect data from across the entire customer journey to make decisions about security, fraud, and revenue conversion based on harmonized data. This is a radical departure from the traditional practice of individual teams making decisions with siloed or contradictory data.
The trust platform approach is powerful. If you’ve enjoyed an online experience that enables persistent logins, saved payment methods, one-click checkout, fast order fulfillment, hassle-free refunds, and international purchases, you can appreciate the kind of powerful visitor experiences a trust platform unlocks. Every team across the enterprise benefits from getting a deep understanding of who’s visiting their site and what their intentions are. The digital experience can operate with a stronger basis of visitor trust sooner in the customer experience.
The trust platform approach does not come cheap. All-in costs to run a trust platform commonly exceed $50M a year. In order to be effective, a trust platform needs to integrate with every digital experience and effortlessly build context by linking related data. Technology and operational costs are much higher when built internally. This tends to put trust platforms out of reach for all but the largest enterprises. (As an aside, our Trust Cloud is built to meet this challenge head-on, delivering a no-code trust platform that any devops engineer can bring online in 15 minutes without writing a single line of code.)
The Benefits of Trust Platforms
For cybersecurity teams, this means instant feedback on the effectiveness of their controls and end-to-end visibility on any experience or API delivered on a domain. Where observability platforms and API security simply point to trends in request traffic, trust platforms surface what the visitor did in the context of their current session, as well as their historical behavior. Better yet, trust platforms allow cybersecurity teams to provide evidence-backed ROI for the team’s efforts by mapping their controls against the context of visitor journeys and revenue conversion.
For trust and fraud teams, this means instant access to the data they need from anywhere inside the enterprise and from any external solution provider. It allows these teams to implement fraud detection solutions and threat-intelligence sources via automated workflows within minutes instead of months. A trust platform ultimately allows trust teams to have a clear understanding of how unnecessary friction can be removed from the visitor experience while optimizing operational costs.
You can learn more about our Trust Cloud, and trust platforms in general, on the Spec website.