This article is the second of four in a series about the LexisNexis® ID Compass suite of Identity Access Management solutions.
As my colleague Lou Ladinsky wrote in the first blog in this series, fraudsters aren’t taking a break from trying to steal identities – and valuable data – in 2020. This is especially true for new accounts. Opening an account in someone else’s name may be a first step in identity theft, and phone number verification provides a stronger level of security compared to email addresses. By verifying that a phone number is not only valid but is also accurately associated to an identity and for how long, insurers can rely on it as an extra layer of security.
Mitigate fraud without alienating customers
Passwords and two-factor authentication are no longer sufficient to thwart online attacks and account takeovers. At the same time, complex authentication protocols can frustrate customers, due to their high friction nature. The challenge for insurers is ensuring that people accessing your system are not fraudsters without inconveniencing your trusted customers.
As part of the ID Compass Platform, LexisNexis® Phone Finder with One-Time Password combines leading phone content and extensive phone metadata with one of the industry’s largest repositories of identity information to return relevant, rank ordered-connections between phones and identities, length of time seen with this association as well as configurable risk indicators.
Phone Finder helps you understand the risk level associated with a phone number while providing quick and easy authentication for your insurance customers. This allows you to proactively mitigate fraud attempts while providing faster and more convenient insurance transaction processing and customer service.
Watch the video below to learn more about how Phone Finder with One-Time Password can help you improve fraud detection and simplify customer service.
To learn more about Phone Finder with One-Time Password, and all the products in the ID Compass Platform, visit our website.