TeleSign announced the newest product in the PhoneID suite, which helps online businesses block fraud by delivering name and address details based on a phone number.
PhoneID Contact enables online merchants and consumer web services to determine the risk level of a transaction in real-time, resulting in reduced fraud and increased revenue.
The growth and convenience of eCommerce and consumer web services have opened up the door for rampant fraud. Businesses struggle to verify the identities of their customers with limited pieces of information.
PhoneID Contact returns name and address, phone type (e.g., prepaid mobile, VoIP, landline, etc.), registration location information, and an auto-corrected phone number. Access to this data enables merchants to make real-time decisions, blocking fraud before it results in lost revenue.
PhoneID Contact paired with TeleSign Verify, which sends a one-time code to the user’s phone, automates the fraud screening process and ensures that the customer is in fact linked to the phone number used during the transaction. This results in a significant decrease in fraud and increased operational efficiency.
“With the growing number of online users, it is necessary that merchants have access to correct data to determine the level of risk associated with online transactions,” said Charles McColgan, CTO, TeleSign. “Leveraging multiple data sources, PhoneID Contact, delivers unparalleled match rates on returned name and address data, enabling businesses to quickly flag or block fraudulent activity.”