Australia Invests in World First Anti Scam Frameworks

Australian enterprises are accelerating investment in trust, safety, and security – outpacing global markets in fraud detection, KYC and ID verification – as world-first scam prevention frameworks are rolled out, according to a new report from Telus Digital.

The report, Safety In Numbers, investigates challenges leaders face maintaining safe and secure digital environments, limiting factors leaders are managing as they deliver effective trust and safety solutions, and their approach to fraud detection, KYC, content moderation and ID verification.

Key findings for Australia include:

• A significant number of Aussie enterprises plan to significantly increase investment in trust and safety initiatives, including fraud detection (52% vs 40% globally), KYC (46% vs 34% globally), and ID verification (35% vs 36% globally) over the next 12 months;

• The increased investment is attributed to the threat of data breaches (37%) and the costly instances of fraud (25%);

• Managing cost (30%) while expanding trust and safety capabilities across digital channels remains the biggest hurdle for enterprises in Australia; and

• Despite growing adoption of automation, most organisations (48%) do a combination of human-in-the-loop models and tech-based solutions to manage risk, navigate compliance and maintain customer confidence.

You can read the full report here.