The Problem of Phishing and Online Fraud
Phishing scams and online fraud have created an environment of fear and doubt among online consumers. Phishing is a form of “man-in-the-middle” attack that uses emails and websites that appear legitimate to trick visitors into sharing personal information. The phishing threat continues to grow, and up to 35,000 new phishing sites are detected every month. Even if you are not a target, phishing casts its net far and wide and it has a detrimental effect on consumer confidence.
To re-establish consumer trust, website owners needed an easy, reliable way to show consumers that their transactions are secure with a trust security brand, like GeoTrust.
Online Growth Slowed by Lack of Trust
Today, more people have access to the Internet and spend more time online than ever before. Financial industry experts predict that online banking, and other accounts, will become the primary customer touch-point over the next decade. As Internet adoption continues to grow and Web browsing becomes more common on mobile devices, businesses have the opportunity to tap new markets with online sales and account-based services. However, reluctance to conduct transactions online remains due to concerns about protecting confidential information. Even though identity theft occurs more often offline than online, many Internet users are nonetheless extremely wary of identity theft. On the Web, the impact of this doubt is easy to measure:
• Abandoned shopping carts add up to lost sales and missed revenue.
• Click-through tracking shows that potential customers reach enrollment forms, but do not complete them.
• Search analytics and alerts show how brands and company names are hijacked to lure customers away from legitimate sites.
Internet scams have become more coordinated and sophisticated, eroding the trust that is essential to online business.