Unlock Enhanced Contactability with Phone Verification

There’s a strong connection between consumers and their phones, with 97% owning a mobile phone of some kind and 52% saying their mobile number is an important part of their personal identity.

This point makes verifying a number and mobile attributes an important task for both contactability and fraud prevention. As part of an enhanced contactability strategy this ensures businesses can reliability reach consumers when they need to. For fraud prevention this means quickly analyzing a phone number and mobile attributes for risk and making decisions based on risk tolerance.

Name to phone in contactability

Given the importance consumer place on their phones, businesses must be able to confidently establish initial contactability while also quickly verifying numbers to maintain ongoing contactability. An effective Name to Phone solution can efficiently and correctly match a name to a number while deterring fraud and keeping consumer personal info safe. Additionally, businesses can receive updated phone number information if available, which gives businesses piece of mind that they’ll keep the more accurate data.

Enhanced phone contactability gives businesses the confidence to confirm customer identities and phone numbers as well as carrier and line type — mobile, landline, fixed and non-fixed VoIP. With the right technology businesses can take intentional approach to enhance contactability. A flexible solution allows business to quickly locate and approve trusted identities while escalating other identities for additional verification as needed. This approach minimizes friction and improves the customer experience.

This made the difference for a retail lender offering industry-leading financing and loan services to underbanked consumers. The lender sought to acquire higher-quality customers with less friction, risk and cost. A critical part of ensuring high quality customer is verifying phone numbers. Integrating a low code solution with configurable workflows meant faster, more accurate, decisions for automating approvals and lowering acquisition costs while also ensuring customers can be reached by phone.

The importance of fraud prevention

A phone verification solution helps deter fraud by ensuring the submitted name matches the full name of the person on the account for the submitted phone number.

sought to optimize risk detection given a reported increase in synthetic identity fraud. Marked by increased VoIP usage, newly created mobile accounts and fraudulent emails, the client was challenged to combat this recent surge in synthetic identities. Without an effective way to verify contact information the client was facing a heightened risk of authorizing funding to fraudsters.

The firm found a solution in screening mobile numbers for high-risk indicators related to the account type (pre-paid or post-paid), tenure (the duration the account has been open), activity status (deactivated, suspended, lost or stolen device) and the device associated with the number (SIM swaps and port changes).

Pairing the solution in a greater strategy

Digital identity and the protection of that identity is increasingly critical for businesses to win and retain customer trust and mobile numbers are a key part of this. Seventy-one percent of businesses consider identity and fraud as part of one strategy. With a highly flexible verification solution, businesses can enhance their contactability as well as fraud prevention strategies.

The retail consumer finance firm layered phone contactability with email verification so that customer mobile numbers and email addresses could be assessed for indicators such as inactivity and deliverability, providing confidence in the client’s ability to contact the individual. For the retail lender, running phone number and email checks prior to identity data verification, allowed them to establish contactability and evaluate risk without needlessly inconveniencing potential borrowers with added friction. Ultimately by layering several contactability solution, both clients were able to effectively orchestrate acquisitions, manage risk and confidently establish contactability.

Verifying a consumer’s number is critical to both contactability and fraud prevention strategies. For a deeper identity assessment, a Name to Phone solution with mobile attributes can be easily combined with other solutions like email and address verification for a holistic view of the physical and digital identity of the consumer. Talk to a trust expert to learn more about how a Name to Phone solution is key aspect of a tailored contactability strategy.