As the mobile and digital worlds continue to explode, new growth opportunities are emerging in users from the world’s largest developing economies. Today, the four largest emerging and developing economies by either nominal or PPP-adjusted GDP are the BRIC countries (Brazil, Russia, India and China). Brazil, the world’s fifth-largest country, offers up a massive market of 211 million consumers who represent significant buying power and growth opportunities for your company’s goods and services. Brazil’s economy has continued to expand for the fifth straight quarter (Reuters, May 2018), making it a leading geographical target for most global companies in their hunt for growth.
Now Is the Time
Consumers in Brazil fit the ideal model in today’s digital landscape. They have access to digital services, spend lots of time on the internet and are very enthusiastic about new technologies. Household spending has continued to grow as record-low interest rates and low inflation bolstered consumer purchasing power in this region.
Some of the top industry segments with the largest total addressable markets (TAM) in Brazil include Financial Services (TAM of $169 billion), Travel & Tourism ($60 billion), Social Networking ($47 billion), Payments ($5 billion), E-Commerce ($2.1 billion) and Electronic Gaming ($1.3 billion)… to name a few. Further, the eCommerce market has grown by more than 20% over the past three years, making this highly diversified economy one of the largest consumer markets in the world.
If Brazil isn’t on your company’s radar now as a business growth opportunity – it will be soon.
With such massive growth opportunities also comes the risk of fraud. Brazil ranks second in the world for online fraud with close to $20 billion lost to fraud in 2017. In fact, 18% of the population has had their online personal information stolen. This stolen information increases the chances for fraudsters to impact consumer’s online accounts (accounts they create with your business).
Online security and fraud prevention is not a new concept for this or any other geography. However, email verifications, CAPTCHA, and knowledge-based questions are just not strong enough anymore to prevent continually evolving fraudsters. For help against this complex fraud landscape, businesses must recognize the importance of proactive measures and therefore turn to data insights about the identities behind new users.
Asking a consumer to provide a valid phone number at the time of account registration, during a high value transaction or requested account change, and then using that number to collect insights (referred to as trusted identity data) has become the next phase of optimal global security practices. This allows your business to connect online and offline identities to support customer identification processes and build valuable identity profiles – all of which will decrease the risk of fraud.
What Data Is Available?
During the account registration process, your business can simply ask for the end-user’s phone number and then, using TeleSign’s PhoneID API, instantly get a return of:
- Phone type
- Carrier name
- Phone registration location
- National ID / Cadastro de Pessoas Fisicas (CPF) number (a key element of the customer identification process)
- Name and address
- Name and address match score (a 0-100 score match when comparing a submitted name and address against the name and address on file with the carrier)
- Phone account tenure/service status/activation date
This type of identity data helps businesses build trusted identity profiles, reduce fraud, increase conversions with instant acquisitions and ultimately “know your customer” — this consent-driven data allows you to glean valuable user insights that tell you who your customers are to increase the level of service while meeting AML compliance standards.
With TeleSign’s identity data, and our expert understanding of the evolving fraud landscape, you’ll be able to validate your users all while providing a better customer experience.
Contact our team to learn more about the type of data available in Brazil and other countries, and to see how easy it is to integrate the PhoneID API into your product experience.