The user base is crucial to the company’s success. The key to ensuring that users continue to grow this priceless asset is ensuring that users and their businesses are protected from fraud. The most dependable and efficient way to implement crucial account security measures is through phone verification. By associating a distinct and legitimate phone number with each end-user account, users can safeguard their brand and the users of their mobile and web applications against fraud and reassure them that their private data and assets are secure throughout the user journey.
Here are some ways their Web or mobile app can benefit from phone verification:
Verify End-User Identities With A Well-Known Trust Anchor –
When a user registers for an account or downloads a new mobile app and inputs their phone number. Before entering their ecosystem, a user can confirm that they are who they claim to be by connecting with the mobile device connected to that phone number. Users have established their mobile device as a worldwide trust anchor for secure access throughout the account lifetime after they have a verified phone number linked to an end-user.
Stop Creating Accounts In Bulk And Prevent Fraud –
Real-time security information and reputation rating can be offered during phone number verification to help prevent fraud. The user can gain access to useful data attributes and risk evaluation through this examination of the phone number. Consequently, they can verify that the person registering the account is not a spammer or bot that is mass-registering countless bogus accounts. Fake users are a major issue, according to 82% of the businesses questioned. Companies lose 10% of their user base as a result of spamming real users and creating fraudulent accounts.
Gain User Trust With Two-Factor Authentication –
By providing two-factor authentication using their phone numbers, users may add an extra layer of security to their passwords to prevent end-user accounts from being compromised. A one-time verification code can be used to authenticate a known user or confirm a transaction and can be sent via SMS, voice message, or mobile app. Their firm can reassure their clients that their accounts are secure by using phone verification.
Reduce Costs and Provide Secure Account Recovery –
One of the most frequently abused routes for account penetration is an insecure account or password recovery, which may be quite expensive for their business. By offering an out-of-band channel for checking the account is being recovered, having an established trust anchor through the end-number users and device accelerates and secures this procedure.
Use the Perfect Identity Technology –
Mobile phones are ubiquitous and can be found almost anywhere. Six out of ten people haven’t changed their phone numbers in the last five years, nine out of ten consumers always or mostly always have them nearby, and 64 per cent of people believe that their phone numbers are an important aspect of who they are. Mobile phones have become a tangible, physical, and emotional part of people’s lives. They are the perfect source of confidence to confirm who is logging into their accounts or conducting transactions.