Bradley Greer, Senior Director of Data Solutions & Partnerships for netnumber Global Data Services, shares an overview of his presentation shown during MEF CONNECTS Personal Data: ID & AUTH in London – available to watch on demand now.
Every digital piece of information, whether subject or time-based, is a layer into one’s personal identity and, together through data, paints a detailed picture and view into a person’s world.
Unfortunately, scammers are hot on the trail of that data to use for nefarious purposes like stealing hard-earned money or opening fake accounts.
Such was the ugly truth – along with some good news about solutions – I delivered during the MEF CONNECTS Personal Data and Identity hybrid meeting in London.
The inaugural event, held May 25th, brought together over 50 global telecom leaders to The Big Smoke to discuss communications fraud and ways the industry is working to improve individual and organizational identity protection and personal data management.
In my presentation, The Power of Data as an Identifier – the Good, the Bad & the Ugly, I noted that droves of personal data, from account numbers to text messages, are available in the online world and can become vulnerable to today’s increasingly sophisticated hackers.
Within the shadowy world of communications fraud, the mobile phone has become a key identifier for scammers seeking to exploit information. Why? Because today’s smartphones and our associated phone numbers — have become the unique identifier that companies ranging from banks to internet providers use for account authentication purposes.“
Not only are hackers becoming more skilled, but the types of data targeted has been increasing as people use the Internet for more and more purposes. Activities as innocuous as visiting a website, downloading a coupon, or purchasing products online can put an individual in the hacker’s sights.
Within the shadowy world of communications fraud, the mobile phone has become a key identifier for scammers seeking to exploit information. Why? Because today’s smartphones – – and our associated phone numbers — have become the unique identifier that companies ranging from banks to internet providers use for account authentication purposes.
In fact, the use of phone numbers for identity verification has surged in recent years, making phone numbers a requirement for almost everything we do.
Fraudsters use a variety of different approaches to exploit phone number data for criminal purposes. Illegal robocalling – and more recently, illegal robotexting – are a popular approach.
Scam types vary and include being pressured to “log in” to a fake bank website to verify a purchase or unlock a credit card that was frozen. In another fraud scenario, criminals create online retail, financial, or a myriad of other account types using inactive phone numbers. If the registration process doesn’t check and confirm the validity of the phone number, cybercriminals can then automate the account creation using computer software. These fake accounts can be used afterward for spam or other illegal activities.
As a result of these growing issues, consumers around the globe lose billions of dollars each year.
Fortunately, the telecom industry is not taking this threat lying down. Nor are communications regulatory agencies, which have issued stricter requirements for Communications Service Providers to curb fraud.
To address this growing problem, the telecom industry has adopted various security measures – one of the most critical being the strategic use of phone number intelligence data.
Solutions based on the power of phone number intelligence data lie at the heart of any quality number verification tool. By using real-time phone number intelligence data, carriers can reliably and accurately validate phone numbers from any country in the world to screen for potential fraud.
The best of such tools use comprehensive data sets, DNO (Do-Not-Originate) number information and sophisticated logic to enable granular number verification that tightly aligns with the customer use case and traffic type. Quality number validation tools provide the ideal fit when addressing telecom, financial, or other fraud methods, securing messaging and voice transmission from origination to termination.
In closing, I advised my telecom industry colleagues to seek out providers who offer such tools; In today’s on-demand world, our phone number remains the ultimate connect point to an identity’s accuracy as it can validate a real-time response. That makes quality number verification solutions a must-have for Communication Service Providers combating fraud.