The Use of Identity Verification to Assist in Mobile Fraud Prevention

  • Phone Verification

We are in the midst of a new and exciting mobile revolution. There are currently more than 6.8 billion mobile subscriptions equivalent to 96% of the worlds population and 70% of those mobile phones are considered smart devices.

Consumers are increasingly communicating and transacting with businesses through mobile devices. Retailers and Financial Institutions are the main benefactors of these interactions. Whether consumers are accessing mobile banking sites or purchasing merchandise, consumers trust your site with their information.

A projected $235 million will be spent this year via mobile transactions making mobile the next big frontier for cybercriminals to exploit. These criminals and attacks are sophisticated and multifaceted. Identities and credit card information are easily stolen and used to commit payment fraud. Mobile devices make it easier to bypass legacy fraud detection systems. The slow response in security measures from institutions is allowing criminals to commit more and more fraud.

Trust must be established across multiple online channels with which customers interact including mobile apps, mobile optimized websites and browser-based access from laptops/desktops. To establish and maintain trust with consumers you need to protect mobile payment and transaction integrity. Your company can protect mobile payments and improve mobile fraud prevention when you:

  • Ensure payments and transactions have not been tampered with.
  • Identify online identities to match real users.
  • Determine the authenticity of the device used for the transaction.

Identity verification solutions help to differentiate good customers from criminals.Monitor your systems for open wi-fi hotspots, identity spoofing, credit theft, payment fraud and malicious activity.

[Contributed by EVS Marketing]