Best practices for phone number validation during new user enrollment
In 2023, fraud remained a top challenge for banks, fintechs, and credit unions. Nearly 60% of these business types suffered direct fraud losses exceeding $500K in that year. Fraud rates are increasing in both consumer and business accounts, making data security a top priority for companies.
Phone number verification is a common, and highly chinese singapore phone number list effective, security best practice. By verifying a user's phone number, companies can ensure that the user is who they say they are and mitigate the risk of fraud.
In this guide, we'll explore how to implement phone number validation during new user enrollment and highlight the benefits of using Plivo's robust phone verification solution.
What is phone verification?
Phone verification involves confirming the ownership of a phone number entered by a user. Businesses and services commonly use it to authenticate their users' identities and ensure they can access the phone number they provided during signup.
The verification process involves sending a code to the user's phone number, which can be delivered via text message, phone call, or messaging app. This process is particularly useful for enhancing security in online banking, e-commerce, and social media platforms.
