Mobile Number Verification for SMS OTP

One-time passwords sent by SMS are widely used in online banking applications.

Since unauthorized changes to a customer's mobile phone number record will result in passwords being delivered to the wrong recipient, it is critical to verify each mobile phone number change. Verification usually involves asking the user to contact the bank and answer various security questions, and also making an outbound voice call to the number to be verified. Even if a customer comes to a branch in person to register his mobile phone number, a verification process is still necessary to eliminate internal fraud.

Instead of allocating call center resources, banks can now use an integrated software and services solution from PhonoClick to fully automate and streamline the mobile number verification process. This can significantly reduce transaction losses and costs involved in implementing a 2-factor authentication system.

Streamlined verification prevents transaction losses in online channels

Lack of a verified mobile number can make it impossible to verify a user's identity, if 2-factor authentication is required and the user does not have an OTP token device. This reduces the transactions performed on online channels, and increases the load on call center resources.

PhonoClick's Mobile Number Verification Solution is designed to be integrated with existing online banking channels. Any user trying to establish an online session can quickly go through the verification process and continue with the transaction with a one-time password sent to the newly verified number. The user is not required to call the bank's call center. The whole process takes about 2 minutes and needs to be performed only once after a user's mobile number changes.

Scalable solution

During the transition to 2-factor authentication, banks may need to verify very large numbers of mobile phones. Even after the transition phase, as users change their mobile numbers, and new customers are acquired, banks need to continue with verifying mobile numbers. PhonoClick's Mobile Number Verification Solution is very scalable, and easily adapts to changing demand.

Fully automated solution increases security, reduces cost

PhonoClick's Mobile Number Verification Solution is fully automated. It does not rely on human operators to ask and check answers to security questions. It can provide consistent service levels 24*7, under any load.

The system also uses rigorous fraud detection algorithms to identify high-risk verification attempts and diverts these to a more thorough manual verification process.

Features

• Fully automated mobile number verification for SMS OTP and other mobile banking applications
• Easily integrates into web banking, mobile banking, ATM, and other online banking channels
• Scalable solution
• Integrated fraud detection

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