Simplified digital identity in the palm of your hand

Online payment fraud hit $38 billion in 2023 and is expected to reach $91 billion by 2028. In their fight against fraudsters, businesses have deployed cumbersome security measures such as PINs, passwords and personal questions to verify identities, while frustrating customers in the process. As it turns out, the solution that balances security with convenience is already in the palm of our hands. 

Mobile phone numbers are the primary way billions of people identify themselves when buying or selling online, opening accounts and verifying personal information, making them the preferred method of digital identity for consumers and businesses globally. Linked to a specific device, phone numbers can overcome the common authentication drawbacks plaguing traditional identifiers, such as names, mailing and email addresses, which can be frequently changed or created. Additionally, a phone number’s data includes details about when it was recently ported and how long it has been associated with a particular service provider. With access to such information, businesses can consistently verify identities globally and detect potentially fraudulent activity from AI-powered systems, like deepfakes, which are now plaguing organizations.

Not only can phone numbers serve as an important ally for businesses in combatting fraud, but they are a powerful tool for businesses to improve customer experience and streamline identity verification. By leveraging mobile phone numbers as a primary digital identity method, businesses can prevent legitimate customers from being diverted to unnecessary steps throughout the customer lifecycle and maintain robust fraud prevention protocols to sidetrack fraudsters. 

To learn more about iconectiv’s plans and solutions that leverage digital identity, visit https://iconectiv.com/digital-identity or read iconectiv’s market brief here.