30th June 2020
By Paul Edsall, Director of Partnerships at TMT Analysis.
As little as two years ago almost 70% of the total number of people-to-business transactions in Germany were handled in cash. Contrast this with the UK where the figure was less than 20%. Despite both countries having well-developed payment infrastructures and well-established processing landscapes clearly cash has worked its way into different places in the psyche of the British and Germans.
Despite this reliance on cash, card payments (whether debit or credit) are also still on the up globally. The Covid crisis has reinforced this with both mobile and contactless payments increasing dramatically, to the point now where nearly 60% of Europeans rely on some form of digital payment daily, particularly for online and low value face to face payments in shops and cafe’s around the world.
With this rise in mobile and digital payments also comes the increased need for robust security and potential fraud alerts. People are the undisputed weakest link in any security protocol. Just think how many organisations require us to set up passwords to access our accounts or send us One Time Passwords everytime we login. And the number of accounts and associated passwords can easily edge into dozens for each person. Factor in the majority of us perhaps cycling through the same one or two passwords across dozens of accounts and you end up with weakened security. Enter stage right the importance of adding a second layer of verification and authentication to any and all sign-ups, account accesses or purchase transactions. This is where we come in.
TMT Analysis gathers data from 80 countries worldwide each day and store the status of over 2 billion numbers. Ally this with our stable of interconnections with leading operators in the mobile industry and we are able to provide a wide range of intelligence on the status and history of a number, and all within a fraction of a second.
Ensuring customers are who they say they are is critical. Fraud committed by criminals who take over your mobile identity is increasing globally. Fraudsters are known to source customer information through social media, or even buying the data from areas such as the dark web. All it takes is a swapped out mobile SIM card or call forwarding to be enabled without the real customer’s knowledge, and you could be exposing your customers to fraud.
Our data powers many of the world’s leading identity providers, A2P SMS Messaging companies and financial services organisations around the world, delivering actionable insights that enhance and protect every stage of the customer experience. Cash may still be important but the real king out there is the customer. And now more than ever they need protecting. We forget this at our peril.
For more information on the Verify range of numbering intelligence products drop us a line at email@example.com