Telephone authentication can play a key role in increasing online transactions, boosting consumer confidence when shopping over the Internet by helping to eliminate any risk of electronic fraud, according to Qire.
Responding to the Office of Fair Trading’s announcement that 30% of Internet users who do not shop online report a lack of trust and a fear of fraud, Qire advises that telephone-based authentication can help to reduce online fraud attempts and therefore increase confidence levels of Internet shoppers.
By getting telephone verification from the customer that they are conducting a genuine transaction, banks and retailers can help to reduce instances of fraud and ensure that the online market continues to grow.
Qire’s telephone-based authentication enables banks to request a call to the registered card user when a transaction is attempted. Qire’s IVM technology then contacts the user, verifying their identity and whether they have initiated the online transaction, which is then relayed to the bank so that the request can be confirmed or rejected.
According to Qire, its telephone authentication service provides a simple solution to a big problem, and can be easily integrated into existing systems to offer additional security and protection to customers conducting online transactions.