Define Phone Verification and Its Benefits
The digital era is on. Many organizations have opted to it for to enhance their connectivity and improve interaction. It actually prevented multiple organizations from becoming bankrupt. Digital technologies have helped them to reach out to customers by effectively managing them virtually.
Simply put, customers’ details are indeed crucial. These details are helpful in exchanging promotional or any significant information via a newsletter or emails. Just imagine what if you don’t have the contact details of your customers.
There is another case, which is associated with invalid phone numbers. It’s next to impossible to exchange any piece of information with a real customer in this case. For this purpose, you should know your customer. In other words, the KYC procedure is a must to run before registering a contact detail. So, it’s highly recommended to verify that your contact list is authentic for real. This practice is called phone verification. It can help in saving money and fighting fraud.
What Is Phone Verification?
Phone verification refers to examining if the phone number is real, available, and valid. This method verifies the client’s identity. It’s similar to Google’s two-step authentication method that you need to follow for signing in to your account (if using different devices).
However, this kind of verification has been there for years. At present, we see its refined version. People and governments are now more concerned about the use of their personal information. Of course, the Cambridge Analytica case generated the need for this protection of data. Interestingly, the way it is used for marketing purposes has attracted fraudulent or defaulters to creep into this system.
The result would be unrealistic (downgraded) if you do not deliver crucial information to real-time users through newsletters and email drips. You can easily imagine the quantum of loss if the information does not reach authentic customers. Clearly, it would be a big loss for the prestigious time and resources of the organisation.
Another substantial thing associated with this practice is fighting fraud. The modus operandi of scammers is not hidden. They hardly use any real contact details. Even if the number is valid, there could be certain risk patterns that one can easily discover. For this purpose, you require a professional company such as Eminenture that can determine the risk associated with it via data analytics.
How Does It Work?
The process of phone verification is simple and easy. Discover what it is and how companies provide phone validation. Like other authentication methods, the verifier sends a one-time password (OTP). It flashes with a short message. If this is not a possibility, a text-to-speech message is sent. The receiver needs to input the passcode in the requisite field.
This process is used for multiple purposes, such as preventing fraud management tools if a deep phone check does not prove right. Various HR firms also use it for employees’ background check, which includes the following:
- Global coverage
- Automated onboarding
- Mobile & landline support
- Unique OTP in a fraction of second
- Two-factor authentication regulatory security
In addition, there are multiple factors that can join to form a pattern showing that the contact is risky (or not). It’s a part of a deep drilling of a phone number. All indicators are deeply checked and finally, the reliable risk score is computed through their scores. The final score identifies what further actions should be taken. This method is advanced and involves data mining. The end result appears as models, which prove its relationship with the risk of fraud. For this purpose, data scientists are considered to get deeper into those patterns’ insights. They use data mining & its tools like Oracle data mining, Sisence, SAS, etc. And then comes out the final result. This is how it works.
For customised verification tool, a quick Application Programming Interface (API) is called to analyze the phone number. This is how the crucial information behind is mined, which covers the following details:
- Risk score (from low to high)
- Country of origin
- Original network
- Current network
- Roaming status
- Roaming country (if roaming is on)
- Roaming network name
- Availability (reachable or not)
- Validity
- Current route
The most common indicator of a risky number is the network that is showing differently from the original one, ‘on’ roaming, the location is different from the client’s origin, etc.
However, these all indicators may not be enough to tell that the contact number is risky. But at least, they point to a suspicious number.
Benefits of Phone Verification
- Comply with Rules
It is an important part of the KYC procedure. The compliance policies of the government state that phone number verification of your customers is a must-have process for ensuring higher security. In addition, it makes the relationship between your company and customers crystal clear.
Over time, digital technology has bypassed typical communication solutions. Let’s say, a person can easily find an app like Globefone or Top Tox and use it at his/her own risk to call using the internet connection. It generally does not show any authentic or valid number. There is another method wherein the receiver may use the one-time password to call temporarily.
- Route Information to Right People
The most reliable of all is the phone verification solution. Eminenture assures companies that the list of contacts has numbers that belong to real people. Once verified, organizations can be at peace because the information would certainly reach accurate numbers.
- Effective Fraud Management
AI-powered fraud modeling tools can help a company. It can prevent fraud more effectively. This digital era comes up with loops wherefrom scammers can leverage security gaps in the IT system. However, the IT team is responsible for preventing it. But, regulations can stop this evil practice from doing any harm to personal lives. Ignoring this aspect can push any company to a much greater risk of fraud.
- Deploy a Tool
Unfortunately, all companies are not capable of developing their own phone verification tools. Luckily, we are here with our advanced services. Our research tools are already here that can help in verifying the contact details of your customers in no time.
Please do let us know if you need any kind of support for phone verification services.
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