In the summer of 1983, six months away from launching the first Macintosh, Steve Jobs had an idea for a new service where software could be downloaded over phone lines. He described it as “a little like a record store online”, and that seed of an idea became what we know of today as the ‘App Store’.
Today there are a combined total of over 4.5 million apps available for Google and Apple users and 2019 saw over 200 billion app downloads. There literally is an app for everything. That alone creates a huge authentication market with plenty of possible headaches and bumps in the road along the way.
With over 4.5 billion internet users globally today, about 60% of the world’s population now has access to it. This is providing real impetus to the trend of increasing global online retail sales, estimated to be around 12% of total retail spending today. E-commerce sales are set to double worldwide in the coming five years. This, allied with other online spending and general in-app purchases, resulted in a total of almost 600 billion non-cash transactions last year. With a compound annual growth rate (CAGR) of over 12% forecast for the coming few years, there is only one way this non-cash transaction trend is heading.
The world of payments certainly is evolving rapidly but with that massive increase has come a wave of ever-increasing fraud. Adding verification, an extra layer of protection, is now so important for all organisations looking to tighten up their security. With increasing regulation such as the Payment Services Directive 2 in the EU, it has become far more than a ‘nice to have’.
Take the growing number of app downloads. Add e-commerce and the massive ongoing increase in non-cash transactions. How do organisations best go about registering all their users’ accounts, verifying as they go? Well, there are several options and broadly split down into either the email or mobile verification camps.
Email used to be the de facto registration verification tool of choice but is increasingly being viewed as passé. A key statistic we all have to get our heads around is that the open rate for email is barely above 20%. Email verification is undoubtedly cheap but it isn’t effective when used in isolation.
As we shift further towards a mobile first ecosystem, a user’s mobile number is fast becoming the key component of their identity within the digital world. And here at TMT ID, we know more about this than most…
We gather data globally and store the status of billions of mobile numbers. This data, together with our interconnections with the leading operators in the mobile industry, gives a wide range of mobile intelligence on the status and history of a number in a fraction of a second.
Our mobile number data intelligence can help strengthen and validate your user verification process, reduce fake accounts and improve client conversion rates. We verify that your customers are who they say they and protect you from fraud. If you want greater mobile protection then think of us.
Speak to us today about how TMT ID can help your business.
By Mircea Sotir, Operations Senior Manager at TMT ID
Last updated on September 18, 2024
"Phone number verification plays a critical role in helping to detect and prevent online fraud. TMT ID’s TeleShield product provides easy access to global mobile data, enabling us to enhance the actionable results of our MaxMind minFraud® services."
"BTS (Business Telecommunications Services) is successfully using TMT’s Velocity and Live services to check the status of mobile numbers. This way we make sure we optimize the performance of the service offered to our customers and ensure the quality of terminating traffic to all countries.”
"Working with TMT’s TeleShield service has expanded our ability to detect fraud and minimise the risk to our business. TeleShield brings peace of mind and the opportunity to stop fraud before it affects our customers’ bottom line or the service."
"LATRO relies on TMT’s TeleShield to provide the most up to date and reliable numbering qualification information within our fraud reporting tools, enabling us to protect our customer’s revenues and empowering them to defend themselves against fraudulent numbers."
"TMT is a valued partner that enables us to manage our routing costs effectively. They proactively and continuously expand their operator and country coverage while delivering exceptional customer service. We can always count on them to achieve high-quality results and look forward to our continued collaboration."
"TMT provides us with the most comprehensive numbering intelligence data through their fast and reliable Velocity and Live services. TMT is a trusted partner for us, their products ensure that we continue to optimise the best performance and service to our customers."
"TeleShield from TMT gives 42com the power to detect and target telephony fraud scams internationally, thereby protecting our company from the financial and customer experience impacts of telecommunications fraud."
"It has been a pleasure to work with the team at TMT. They have become an essential provider of accurate numbering data information and Number Portability services globally."
"Deutsche Telekom Global Carrier uses TMT ID as one of their key suppliers for Mobile Number Portability Data services. Deutsche Telekom Global Carrier uses TMT ID’s Velocity MNP solution. This is an ultra-fast query service that optimises the routing of international voice calls and A2P messaging."
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