TeleSign’s business intelligence and two-step phone verification enables merchants to detect fraud more efficiently, reduce operational costs and fraud losses, and increase conversion of legitimate orders.
TeleSign’s solutions provide a risk-based multi-layer online transaction security and fraud defense strategy. If an order is flagged for manual review, PhoneID automatically and without interrupting the customer, returns information about the risk-level of the order based on characteristics of the phone number provided. In the event that a transaction is flagged as high-risk, the potential fraudster can be phone verified using two-step verification thus improving online transaction sercurity. TeleSign Verify sends an automated call or SMS with a one-time verification code that the user enters onto the website. When prompted to provide a contactable phone number, many fraudsters will refuse and move on to other websites with lower barriers to entry for high-risk orders.
PhoneID and TeleSign Verify enable merchants to approve legitimate orders faster without taxing a manual review team or introducing multiple steps for a customer to complete online transactions.
Business Intelligence & Automated Order Verification Tools
- Deepen insight about your customers
- Simplify the order review process
- Identify fraudulent orders more accurately
- Accept more legitimate orders faster
How Automated Order Verification Works
Reduce the Cost of Manual Reviews
TeleSign Two-Factor Authentication adds a critical layer of security beyond username and password. By leveraging the phone as an authentication device, TeleSign improves the user experience while reducing operating costs associated with traditional multi-factor authentication methods. The largest and most recognizable brands trust TeleSign to protect account access and prevent fraudulent transactions.
TeleSign Verify is an easy, effective and powerful way to stop online fraud. Companies can block fraud, reduce costs, increase operational efficiency, and protect their brand and their customers, by verifying users in real-time using the simplest and most widely deployed technology available — the telephone.
Online businesses of all sizes are constantly under fire from well organized fraudsters and hackers. In 2011 alone, online merchants lost $3.4B to online fraud. TeleSign’s PhoneID provides merchants access to real-time business intelligence to predict and prevent online fraud.
What defines fraud rate?
CyberSource defines the fraud rate as the percentage of accepted orders that later turn out to be fraudulent.
What was the estimated fraud loss for online merchants in 2011?
In 2011, dollar losses grew as criminals stole higher-priced items from merchants. Criminals stole an estimated $3.4 billion from U.S. and Canadian e-retailers last year.
Average percentage of manual reviews conducted by online merchants in 2011:
Merchants that engaged in manual review (75%), had 27% of their orders manually reviewed in 2011.
Average number of automated screening tools used by online merchants in 2011:
An average of 4.9 tools for smaller merchants, and average of 8 tools for bigger merchants ($25M+ of online revenue)
Percentage of international orders rejected by merchants in the US and Canada: