Phone-Centric Identity—it’s a buzz term that you may have been seeing more and more often, but what is it, and how are leading financial institutions using it to improve their customer experience, mitigate fraud? And how have top banks and FinTechs achieved the following kinds of real-world results using Prove’s Phone-Centric Identity™ approach?
Phone-Centric Identity—sometimes called mobile identity, device intelligence, or phone intelligence—refers to technology that analyzes mobile, telecom, bank, and other authoritative signals for digital identity verification, authentication, and fraud prevention. It analyzes billions of real-time signals from authoritative sources. If you think about how many people have mobile phones, how long most adults have had mobiles, and how often they use them, it’s clear why Phone-Centric Identity signals are the most powerful proxy for digital identity and trust today.
In practice, many leading organizations have been shifting from more traditional identity models and adopting technology and intelligence such as our Phone-Centric Identity as a means to verify and authenticate customers and comply with regulations such as PSD2/SCA with as little friction as possible. This technology also uniquely utilizes the mobile device as a “what you have” factor that companies can use to deterministically say whether they are interacting with their customer or not. This check—also called a “possession” check—returns a binary result instead of a probabilistic score. By understanding whether a consumer is in physical possession of their mobile device or not, Prove can return a “yes” or “no” answer about whether a company is interacting with their customer or not.
In addition to the real-world results seen above, leading banks and financial institutions have reported the following benefits with Prove’s Phone-Centric Identity approach:
One World Identity, an authority in the digital identity space, recently highlighted Prove as a leader in digital identity and emphasized the efficacy and growing influence of the mobile approach: “Being able to rely on that device as a proxy for a human—especially a mobile device—because how many of us are attached at the hip to our smartphones all day every day? That makes this tremendously useful, especially for these fraud and risk use cases,” said Cameron D’Ambrosi, Managing Director of OWI.
Interested in learning how Prove’s Phone-Centric Identity technology can improve your identity verification strategies to make your customer experiences safer, faster, and easier? To request a demo or speak with an expert, click here.
Prove is the modern platform for Phone-Centric Identity authentication, powering over 1,000 enterprises, including 500 financial institutions, leading Tier 1 UK banks, and 9 of the top 10 US financial institutions, across 195 countries. For the latest updates from Prove, follow us on LinkedIn.
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