What do you know about your users? The answer is not enough. Never enough. Talk to any executive at any company and they will tell you they want to know more. Ecommerce platforms want to strengthen authentications and enable more secure transactions. Fintechs are looking for identity solutions that provide insights into good vs bad users (or good vs bad loans.) In short, when it comes to identity information about a platform’s users; knowledge is power.
The Indian market has been observing disruptive innovation in recent years as more digital-native enterprises have started to roll out new direct to consumer services in fintech, lifestyle, travel, Ecommerce, gaming & social media to the 1.1 Billion Indian mobile phone users.
Today, it is cause for celebration because TeleSign’s PhoneID is now available in India to provide additional context into users based on phone intelligence.
Improve conversion rates with less friction
Two factors that are constantly at odds for growing companies are the desire to onboard users without sacrificing security. With TeleSign’s KYC solution, now platforms don’t necessarily have to choose. The internet is full of horror stories about E-Commerce package theft, chargebacks and more. TeleSign’s Phone ID product helps with understanding the risk associated with a new customer upfront based on their phone number. PhoneID provides additional context based on global phone intelligence that can help with a multitude of things such as identifying fraudsters and performing KYC checks.
Put simply, by registering a user with a phone number, businesses can now onboard users securely with minimal friction. By inputting a phone number at registration, a good user will be authenticated in a matter of seconds, whereas a bad user will be denied entry onto the platform.
Beyond this specific use case of growing a user base securely with limited friction, KYC insights can be used to help a variety of use cases.
Reduce fake accounts
Fake accounts exist purely to cause mayhem on your platform. Whether it’s bots trying to disseminate false information or bad actors trying to phish your good users, it’s a good idea to prevent these from existing on your platform at all costs. TeleSign’s solution leverages KYC checks based on phone intelligence that can detect bad actors and help prevent account takeover.
With an exponential surge in digital transactions, partly because of the rise of online platforms and partly due to COVID-19, the fraud activities have also increased where fraudsters try to phish for bank account and credit card details.
An account falling into the wrong hands is always bad news. A user may also try to register a phone number that is offline, and when this happens, typically something is amiss. TeleSign’s solution fights back by checking the subscriber status of a phone number. This strengthens end-user mobile identity by evaluating additional data attributes to strengthen fraud prevention and prevent unauthorized access to an account.
Typically used in the financial services industry, Know Your Customer is indeed an important step towards providing services. With more companies focused on micro-credits and catering to customers that don’t fall under the traditional financial system, it often becomes difficult and costly to conduct background checks for every applicant.
TeleSign’s services can be utilized as a cheaper precursor in such situations to determine and exclude bad actors upfront. This offers tremendous cost-saving potential since companies will have intelligence into the bad actors before performing expensive background checks.
Bolster compliance and identify proper messaging channels
Compliance can be a thorn in anyone’s side, but did you know that if you send marketing (or a 2FA message) to the new user of a recycled phone number without their consent may be breaking the law? Yes, compliance can be a very expensive thorn. TeleSign’s solution can help you manage this process. Furthermore, if you do have permission to communicate with your end-user, TeleSign can make sure that you are not sending SMS messages to a landline, pager, or payphone.
TeleSign might not be able to tell you a user’s favorite IPL team or preferred position on the cricket pitch, but we can tell you a lot that will enable secure, global growth and compliance.
TeleSign has been connecting and protecting online experiences for over 15 years. We support the largest web properties in the world and we’re prepared to help you. Contact TeleSign now and for all of your security needs. As the pioneers of phone-based security, we are a one-stop-shop for all of your digital identity and programmable communications needs.