As a key digital identity data source for reducing fraud, mobile numbers also deliver slew of business benefits from minimized churn to increased revenue
As online payment fraud costs are projected to skyrocket to $91 billion by 2028, businesses are seeking innovative solutions to protect their bottom line while enhancing customer satisfaction. The answer lies in the ubiquitous mobile phone number, which has become the preferred digital identity method for consumers and businesses globally. The role of mobile phone numbers for digital identity and their overall impact on the customer experience are the focus of the newly released iconectiv Market Brief: boost customer experience and revenue with authoritative mobile phone number data.
Alongside customers who are increasingly frustrated with long queues and cumbersome security measures involving PINs, passwords, and personal questions are businesses that are facing soaring online payment fraud, which amounted to $38 billion in 2023 alone. The use of mobile phone numbers offers a solution that satisfies both parties by providing a quick and reliable means to verify identities throughout the customer lifecycle. This includes applications in support services, virtual concierges, marketing, risk management, and fraud prevention.
“With customer experience being a number one priority for most businesses, mobile numbers serve as an important ally by enabling them to offer VIP care by quickly identifying frequent or high-value customers and prioritizing their service,” said Peter Ford, Executive Vice President, iconectiv. “What’s more, they also streamline access to customer purchase and browsing histories, allowing for highly personalized interactions.”
In addition, in an age when businesses are increasingly implementing AI-powered systems to improve customer experiences, AI-generated deepfakes pose a significant threat to biometric authentication systems. According to a 2023 survey, 37% of organizations experienced deepfake voice fraud, and 29% encountered deepfake video fraud. Instant access to detailed mobile number information helps protect these systems by detecting potentially fraudulent activity and ensuring legitimate customers are not subjected to unnecessary verification steps.
Ford continued, “In today’s digital-first landscape, businesses must be on the offense when it comes to combatting fraudsters. Fortunately, mobile phone numbers are a proven method for making it easier for genuine customers to interact with businesses while making it more challenging for fraudsters to succeed. The result is maximized customer satisfaction and sales, coupled with minimized risks and losses, including from advanced AI scams like deepfakes.”
Accurate mobile number data offers businesses insights that overcome the limitations of traditional identifiers such as names, email addresses, and IP addresses so that businesses have a consistent and reliable way to identify customers globally. Achieving these benefits hinges on access to accurate and continuously updated mobile number information – from line type (mobile, wireline, VoIP, toll-free) to SIM tenure, service provider ownership, porting history and more.
To learn more about mobile phone numbers and their overall impact on the customer experience, download the iconectiv market brief here.
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