Online and mobile app companies are able to reduce fraud when they know who their users are. Given the widespread use of mobile devices, the mobile number is becoming the pre-eminent identity standard.
Phone verification establishes identity assurance and improves the customer experience by connecting each end-user with their valid mobile number and using it as a trust anchor for authentication throughout the account lifecycle.
58% of Businesses Lack a Formal Process for Determining the Legitimacy of a User*
User verification through email, challenge/knowledge-based questions, and CAPTCHA are no longer sufficient and do not provide businesses with data and intelligence about the person behind account activity. Fake and malicious activity is on the rise, making it a necessity to determine the real identities of users to prevent bad actors from entering into a user ecosystem to commit fraud.
Unverified Users Can Result In
Unauthorized account access & usage
Increased operational expenses
When businesses do not invest in creating a secure ecosystem of verified users, it puts legitimate users at risk and decreases the value of the user base and organization.
When an end-user enters their phone number at account registration or when attempting a high-value transaction, businesses can validate and authenticate that they are who they say they are by connecting with the mobile device associated with that phone number. Once a verified phone number is tied to an end-user their mobile device has been set up as a global trust anchor for secure access throughout the account lifecycle.
Phone verification enables
Secure delivery of OTPs for 2FA
The opportunity to glean fraud risk level data
Improved customer onboarding and communications
TeleSign enables businesses to implement phone verification using frictionless signaling, SMS or voice message to the mobile number provided.