It is more crucial than ever for businesses to have solid relationships with their customers as they continue to move toward a digital future. Having a client’s contact data is essential for sending info and Know Your Customer (KYC) requirements.
It is necessary to verify a significant amount of the data given by the customer. If you get the data and call it a day, you’re being reckless. Solutions like Email Oversight focus on verifying the legitimacy of ID papers rather than phone numbers. It’s also worth noting that the corporation just included phone verification in its products. Let’s see what it’s like and how it can help businesses save money and combat fraud more efficiently.
What is Phone Verification?
There’s a good chance you’ve heard about it before. Many businesses employ phone verification to ensure that a customer’s supplied phone number is both legitimate and available. The client’s identity may also be verified in this manner (for example, by utilizing Google’s two-step confirmation technique while logging into the account with a different device than usual).
Using a phone to verify an account is nothing new; it’s been around for a while. With so many individuals concerned about their data being used for marketing, it’s no surprise that this practice has given rise to a wide variety of ways to circumvent the system. This fact is an issue for businesses that depend on customer phone numbers to send out essential data, such as bulletins and, yes, selling new items, but it’s reasonable. When a customer’s phone number is invalid, the company wastes precious time and money since the data never reaches them.
To combat fraud, validating the customer’s phone number is also critical. The fact that scammers don’t utilize their accurate contact data may come as no surprise to anybody. Even if the mobile number is legitimate and accessible, several criteria may assist in establishing its danger. Email Oversight’s solution was built with these and other challenges in mind.
What are the benefits?
Having your customer’s contact information is critical to KYC, as we’ve previously discussed. Validating your clients’ phone numbers is essential for regulatory compliance and improving security and openness between your organization and its customers.
There are various ways to avoid the conventional remedies that have been in use for decades. It’s easy to locate a phony phone number online and use it as a stand-in for a genuine phone number. It is possible to use someone else’s phone number as a stand-in for your own. A one-time password may also be generated by using a quick phone number service many websites provide.
An Email Oversight solution, such as this one, may help firms feel more confident that a phone number supplied belongs to the individual. Information sent to a client’s phone will no longer worry the businesses sending it. It’s an excellent option for companies that value their time and money.
Additionally, the integrated fraud score tool is a significant asset for any firm that wants to defend itself against fraud better. Since digital services have become the standard, fraudsters are taking advantage of any security holes in the system. Institutions must then put measures to combat fraudsters and their cunning strategies. It would be best if you always went above and above what is necessary by law. A company’s vulnerability to fraud increases when just the bare minimum standards are met.