The Rising Cost of Fraud

Over the past few years, online fraud has exploded from a minor nuisance to the single biggest headache facing businesses today. From the creation of bot-generated accounts to costly takeovers of high-value customers to identity hijacking during the account recovery process, cybercriminals continue to exploit every gap in the security of online accounts.

In this guide, we’ll explain:

• How fraud is typically committed
• What identity proofing methods businesses are using today
• How phone-number verification can help fight fraud without harming customer experience
• Best practices for collecting and using phone numbers for identity proofing
• Using 2FA to lock fraud out along the entire customer journey