Mobile & single sign-on access pose biggest risk to future ID verification and fraud prevention
Mobile & single sign-on access pose biggest risk to future ID verification and fraud prevention With mobile devices set to become the primary way to verify customer identity, Callcredit launches new suite of products to provide positive associations between identity and key digital attributes of email address and/or telephone number
Research launched today by Callcredit Information Group, reveals that whilst 73% of fraud professionals think mobile devices will be the key facilitator of identification in the future, over half (60%) feel that they will present the biggest single point of compromise for fraud in the future.
Currently, just 43% of UK organisations are using mobile phone checks as a form of identity verification but one in five (18%) are planning to implement it over the next three years. This is unsurprising given that 50% of respondents believe that name and address data will be obsolete as a verification measure in the future.
The research indicates that companies are moving towards digital attributes such as email address and devices. When asked which piece of customer data provides the most fraud risk insights, email addresses came second with 44%.
John Cannon, Commercial Director, Callcredit Information Group, commented: “Over the past decade mobile phones have taken an increasingly important role in our society. One small part of this is how they have changed the fraud landscape. But there is an underlying tension when it comes to mobile for the fraud prevention industry – they are a key avenue in identity verification but they also represent significant risk. Fraud professionals must focus on using them to their advantage. By deploying tech-enabled identification solutions, mobile devices can actually help play a role in strengthening fraud prevention strategies, through enabling the quick and accurate verification of individuals.”
Acknowledging the importance of mobile and email ID verification as part of the fraud professionals toolkit, Callcredit today launches Trust Suite, comprising two unique solutions which give users confidence that an individual is associated with the telephone number and/or email address they provide.
These new products, MobileID and EmailID are immediately available to all customers through Callcredit’s comprehensive fraud and identity software platform, CallValidate. This latest innovation provides access to datasets unique to Callcredit with coverage across all phone providers and email domains. Results returned provide a clear view of the association found between the identity and the contact details. When combined with the wide range of solutions in CallValidate, in particular EmailRisk and MobileRisk, they help provide a holistic protection against fraud.
Cannon concluded: “With the rapid adoption of mobile phones by consumers to access an ever-increasing range of products and services, Callcredit continues to be at the forefront of digital identity innovation. We can now link the greatest range of digital identity attributes to physical identity, the latest being email addresses and mobile phone numbers. This opens up a wide range of new authentication use cases for our customers who can benefit from establishing trust between previously unlinked digital data items, such as a mobile phone and credit card or bank account number and email address. As mobile devices become the key to unlocking services, fraudsters will increasingly target them, so being able to increase security checks without impacting genuine customers is vital.”
Last year (2016), in recognition of the growing importance of mobile phones in the identity verification process, Callcredit acquired Recipero, the leading mobile device information company relied on by police forces, insurers and retailers to investigate fraud associated to mobile phones.
Callcredit is also hosting its annual Fraud Summit, The Cost of Digital Fraud, on Thursday 14th September. The event will focus on:
- How to balance fraud prevention with customer experience
- Managing identity innovation in the digital economy
- Protecting your business against cybercrime
106 Fraud Prevention Managers and Directors working in companies with over 100 employees completed an online survey in August 2017. The research was conducted by London-based research agency, Loudhouse.