Why Use Mobile Phone Verification for Your Business?
In today’s digital world, a corporation is only as valuable as the data they hold. Safeguarding your customers’ personal information ensures that you are protecting your business, your brand and your customers from fraud and spam.
Therefore, the ability to validate your customers’ identity has become vital to ensure a secure and effective acquisition experience. Two-factor (2FA) or multi-factor authentication (MFA) is an additional security layer for your business where a user’s identity must be verified when they are trying to access an application. In addition to a password, it requires you to provide a second piece of information to confirm your identity.
Verifying phone numbers at every stage of the customer lifecycle, from account creation to transaction authentication, provides a stronger level of security. By associating a valid mobile number to each end-user account, it not only protects your application and business from fraud, it also assures your customers that their confidential information and assets are kept safe. Here are 5 ways on how mobile phone verification can help your business:
1. Simple and Secure User Registration
Setting the right balance between user experience and a business’s security requirements is crucial because customers demand everything to be fast and convenient. With the use of mobile phone verification, the account registration process is simplified as the end user would just have to key in the time-sensitive numerical code they received via SMS to access the website or mobile application.
2. Prevent Bulk Account Creation
It is still very common among businesses to rely on email address alone to verify new users. However, the problem with emails is that creating fake email accounts takes minimal effort and mostly free. This can lead to the mass creation of accounts in your businesses.
A mobile number is a good user identifier because it is usually assigned to a person and people tend to keep their number for years. By sending a randomly generated one-time password (OTP) via an SMS text message, it can help prevent bulk account creation because it is hard for people to access someone else’s mobile phone.
3. A Better-Quality User Base
As it is much more costly to obtain new SIM cards, it helps prevent fake users because of the time, effort and cost involved. This gives your businesses a more valuable user base as it eliminates fraudulent account.
4. Build Customers’ Trust in Data Security
Based on PwC report, 88% of the consumers surveyed agreed the extent of their willingness to share personal information is based on how much they trust a given business. If your customers do not trust you in protecting their sensitive data, you would not be able to utilize the data to offer your customers a better experience.
You can protect your customer’s account from being compromised by offering two-factor authentication through their mobile numbers throughout their user experience journey, doing so provides that extra layer of security.
5. Cost-Effective and Global in Reach
Sending out SMS is much more cost effective than email is most cases. With five billion people across the globe having access to a mobile phone, it is safe to say, there’s a high percentage of your users being able to receive your mobile verification code. However, you will need to ensure that your SMS service provider can deliver your SMS OTP internationally.
Doesn’t matter if you run a small start-up or global conglomerate, data security is essential for every business, irrespective of its size. Implementing mobile verification provides your business with the ability to assure your customers that their personal information is safe and secure. If you are interested and would like to start using mobile phone verification for your website, business or application, reach out to us at +6017-9199338