In the recent Trust and Safety Market Research Report published by Duco, researchers found that investment in trust and safety is increasingly important and that solutions like LegitScript’s Ad Monitoring and Marketplace Monitoring can accelerate these efforts while providing a solid return on investment. Discover what trust and safety is and why it matters, and then contact us for a quick strategy session.
What Is Trust and Safety? And What Researchers Had to Say About Third-party Trust and Safety Solutions
The definition of trust and safety differs throughout the industry but generally refers to the policies, processes, and tools digital platforms use to mitigate and manage risk and protect brand safety.
Companies that employ trust and safety teams vary from social media platforms to web services to online and offline companies. At a high level, activities that typically fall under the trust and safety umbrella include detecting “conduct-related risk,” making data-driven decisions, “taking action,” “measuring progress,” and “sharing results.”
Duco CEO Had This to Say About Third-party Trust and Safety Solutions
According to the recent Trust and Safety Market Research Report, more than half of trust and safety services are outsourced to third parties. This can include human content moderation, third-party monitoring software, and more. Only about one-quarter of trust and safety software is developed in-house.
Duco's founder and CEO, Sidney Olinyk, extolled the value of trust and safety solutions but said that some have been slow to recognize this industry’s potential.
“While there has been growing investment into third-party [trust and safety] solutions, limited resources about this market's potential lead to less informed and organized investment in the industry.”
Even so, the report estimates that the trust and safety industry is worth about $25 billion, and is only expected to grow. Third-party solutions with deep regulatory and policy expertise will continue to be an integral part of this industry.
Investing in Trust and Safety Serves a Solid Return
Companies with large amounts of user-generated content, like social media platforms and online forums, have long adopted trust and safety practices. Others in sensitive industries like healthcare and banking are beginning to recognize the need, especially as generative AI and other malicious software present increasing risk.
One of the greatest roadblocks to investing in trust and safety is the perceived cost. However, according to the report, investment in trust and safety yields a solid return on investment because it “fuels organic user growth, advertising revenue, and the overall bottom line.” It can also reduce user churn, protect brand reputation, and help avoid regulatory fines associated with compliance management.
Investing in Third-party Trust and Safety Solution Providers Like LegitScript Is More Important Than Ever
There’s no denying the need for a comprehensive trust and safety strategy. The rise of artificial intelligence (AI) poses new risks, and new laws and regulations further complicate an already convoluted regulatory environment. With the current macroeconomic market spurring massive layoffs, and AI becoming more accessible to good and bad actors alike, investing in trust and safety is more crucial than ever. Create, manage, track, and report on conduct risks with LegitScript Ad Monitoring and Marketplace Monitoring.
Contact us for a quick strategy session.
