Leveraging Phone Number Data to Counteract Fraud

This document is a technical report that outlines the challenges faced by financial services companies in managing fraud and verifying customer identities. It details the evolving landscape of fraud, where phone calls and texts are significant sources of financial loss. The report emphasizes the importance of phone numbers as a primary identifier in digital identity verification. It presents iconectiv's Digital Identity solution, which provides reliable methods for verifying phone number accuracy and flags recently ported numbers. The solution is designed to enhance fraud prevention and risk management by offering authoritative data in a consistent format across various countries. The report concludes by highlighting the critical role of phone numbers in multi-factor authentication and the overall security of financial transactions, underscoring the need for robust data management to protect businesses and customers effectively.