Did you know that “2016 saw over 15 million cases of consumer identity theft or fraud — the highest figure recorded since 2004?”
Did you know that “account takeover fraud rose 31% in 2016 and new accounts opened in a consumer’s name rose 20%?”
Typically, businesses have relied on a series of encrypted emails to verify a new user’s identity. The problem with email identity verification is that it is super easy for fraud accounts to be created. Fraud accounts are often used when to open an account in someone else’s name or to sign up to abuse free trial services.
Regardless of the industry, businesses are constantly looking to reduce risk and enhance security measures amid an increase in identity theft.
For businesses today, moving away from email verification to phone verification is proving to be a rewarding experience for both company and customer.
Fraudulent phone numbers are much more difficult to create and cost a massive amount of time, effort, and money to go through the process of creating fake accounts. With almost 70% of the worldwide population owning a mobile phone and 50% of those smartphone owners, the whole process of phone verification is simple and secure.