New Study Examines Mobile Phone Numbers and Digital Identities

To provide the kind of seamless interactions that customers expect today, businesses must be able to confidently access and exchange information simply, seamlessly and securely. This is particularly true when it comes to processing online payments.

Unfortunately, online payment platforms are becoming breeding grounds for cyber thieves. It has been estimated that online payment fraud costs are projected to skyrocket to $91 billion by 2028, leaving businesses to continue seeking innovative solutions that protect their bottom lines while simultaneously enhancing customer satisfaction. It’s a bit of a tall order.

And according to a newly released iconectiv (News - Alert) Market Brief entitled, “Boost Customer Experience and Revenue with Authoritative Mobile Phone Number Data,” the role of mobile phone numbers (in terms of digital identity) and numbers' overall impacts on the customer experience is a critical focus area.

Alongside customers who are increasingly frustrated with long queues and cumbersome security measures (i.e. involving PINs, passwords and myriad personal questions), there 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.

Furthermore, 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.

“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 (News - Alert), Executive Vice President for iconectiv. “What’s more, they also streamline access to customer purchase and browsing histories, allowing for highly personalized interactions.”