Relationship building with customers is more crucial than ever as businesses around the world embrace digital transformation. The customer’s contact information is critical for several reasons, including information exchange and compliance with Know Your Customer (KYC) regulations.
Most of the client-provided data, however, requires further verification. It would be quite irresponsible to only take in the information and go on without also verifying its accuracy. However, phone verification is a new addition to the company’s offerings. Let’s investigate it to learn more about its features and how it might aid businesses in cutting costs and preventing fraud.
The Meaning Of Phone Verification
Probably you know a lot about it already. Many businesses today utilize a service called “phone verification” to ensure that the customer’s listed phone number is active and authentic. It can also be used as an extra layer of security to ensure the client is who they say they are (similar to Google’s two-step verification process when accessing the account from a new device).
Phone verification services have been around for a long time, so there’s not much new here. The widespread nature of this practice, in tandem with public anxiety over the sale of their personal information, has, nevertheless, spawned a wide variety of workarounds. It’s a reasonable concern, but it creates a major issue for businesses that use customer phone numbers to communicate with them, such as sending out newsletters and, yes, advertising new products. If the number is invalid, the message will never be delivered to the consumer, wasting the company’s time and money.
Moreover, checking the customer’s phone number is critical in the fight against fraud. It’s not surprising that fraudsters don’t usually give out their true contact details. And even if the phone number is active and reachable, there are other criteria to consider in assessing the potential danger.
Can You Explain How It Operates?
How does the phone verification services process work?
The actual process is easy to understand. A one-time password (OTP) is sent to the customer’s phone through text message (SMS) or “text to speech” message (TTS) whenever the company needs to validate the customer’s phone number. The user must then enter the password into the appropriate box.
The procedure is flexible and can be used for many purposes. If a company’s initial deep phone check fails, they can use this solution as a backup fraud prevention measure or incorporate it into their safe onboarding procedures. Some of the features of the product are:
- The extent of coverage Around the World
- Help with both Cellular and Landline Phones
- Instant, one-of-a-kind OTP generation
- Intelligent enrollment procedures
- Use of two separate authentication methods security in regulations
The solution not only adapts to a user’s risk score, but also performs phone number verification. Deep phone number verification and validation will analyze numerous aspects of the number to produce a trustworthy risk score that can be used to direct follow-up. It’s useful for picking up on fraud patterns in their infancy.