Tackling customer fraud through mobile identity

Technology has enhanced every aspect of a modern consumers life. From booking air travel to purchasing weekly groceries, mobile banking to online gaming, today’s customer is becoming increasingly comfortable with embedded technology as part of their daily life. In fact it has become so pervasive that 84% of Smartphone Shoppers use their phones whist shopping in a physical store. Often classed as an addiction amongst teenagers, mobile phone internet usage has grown to an average of 223 minutes per day.

Mobile Retail Transaction

Yes, people are comfortable, and in fact reliant on technology to bolster their life. No wonder then that 94% of IT professionals expect mobile security attacks to increase in frequency.

There have been various security enhancements that have been implemented into the mainstream over the past 5 years. Web-based security techniques like enhanced password criteria and RECAPTCHA (those annoying “identify the word” and “find the road signs” widgets on websites to prove that you are a human) have become commonplace. Further enhancements have also been recently pushed including “Two Factor Authentication” (or 2FA) which is where you are asked to confirm a code on a website or app which is sent to your mobile phone or email. These security enhancements have also become common and part of people’s daily routine living with technology.

However, in 2017 there were 16.7 million victims of identity fraud, and 30% of US customers were notified of a data breach that affected them. These existing technologies can be susceptible to breaches and fraudulent access.

While these statistics can be seen to be terrifying to the average consumer, technology is also being used to enhance the security of consumers and businesses.

Phronesis exists to allows businesses to make better decisions about their customers. Combining secure data from UK mobile operators with our own decision-making and data analysis capabilities, we can help each business make a more informed decision about whether to approve a transaction or account access in realtime. This enhanced level of decision making allows companies to be more confident that they are approving customer activities, decreasing fraud, and crucially improving the customer experience.

Phronesis helps banks, payment providers, insurance companies, retailers, fintech, lending, logistics specialists and more fight the growing problem of customer identification & verification by offering an easy to access platform. For more information on how we can help, check out www.phronesis.net or contact +447539272271.

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Phronesis Technologies Ltd are registered in the United Kingdom number 10726796