Brand safety risk increases 5-fold due to COVID-19 pandemic: mFilterIt
mFilterIt, the leading global Fraud Detection & Prevention Company aims to sensitize the marketers and brand custodians on an industry wide challenge : Brand safety risk increases five folds owing to Covid19 pandemic.
With online channels gaining relevance and digital becoming the mainstream interface in this Covid era, India alone has witnessed 65% of businesses losing money on account of online fraud & brand infringements. This not only impacts the reputation and value of the brand but also hitting the funnels and revenues for brand custodians and advertisers alike.
The rise in 24*7 online culture has further exacerbated the issue of brand safety as the shift in consumer behaviour, from offline to online mode, has made it clear that brands need to steer away from advertising in unsafe environments, not get caught in whirlwind of fake scenarios . Brand’s safety is brand’s responsibility where trust is no longer a compliance but a brand differentiator in today’s digitally evolved era.
Work From Home becoming a part of our regular practice has opened us up to less-controlled work environments and has led to an increase in vulnerabilities. Fake customer care, job offers, copy-cat websites, fake discounts, and content piracy are among the highest types of frauds that have topped the charts in India. The scamsters and hackers representing notable brands, convince the users to send in their personal details leading to committing financial fraud or malicious activity. The sectors that have been a victim of these frauds are BFSI, FMCG, Ecommerce, retail, automobiles, and entertainment (OTT platforms).
‘Brand Unsafe’ content has been on an increase on social media platforms. The three leading categories of content taken down by the social media platforms Twitter, Facebook, Instagram, and Twitter are – Spam, Adult & Explicit Content, and Hate Speech & Acts of Aggression. In an encouraging trend, led by the awareness, brands are increasingly deploying mFilterIt solutions backed by Artificial Intelligence, Machine Learning, and Social Listening to shield against the surging risks.
mFilterIt has enabled its serving brands to resolve ad fraud leaks and saved over $ 200 million with an average savings run rate of 22% per client. It is today the fastest growing Indian company that serves local and global brands and is present across the globe serving some of the biggest clients like Unilever, Amazon, Flipkart, HDFC, Cred, ITC etc.
Amit Relan, Co-Founder and Director said, “Covid 19 has led to several changes in how organizations operate and how consumers access information. The marketers, brand owners, and advertisers should work together and change this adversity into an opportunity to create a new normal that cleanses the ecosystem and puts an end to brand erosion. By using Martech solutions, deploying forces backed by AI and ML we have helped hundreds of brands to help increase their KPIs and campaign performance. It has instilled the confidence in our clients to approach inorganic freely and pragmatically.”