As more customers turn to their smartphones to conduct business, organizations are now turning to the devices as a means of identity verification and fraud prevention. Nearly two-thirds of Americans now own a smartphone, and as of January 2015, there were 3.65 billion unique mobile numbers active worldwide. As a result, nearly 60 percent of businesses plan to increase the level of investment on the mobile environment within the next 12 months, according to our 2015 Fraud Report.
In order for businesses to capitalize and increase their market share, it’s necessary to create a user experience that is optimized for mobile in order to help guarantee effective transactions. Studies show that mobile users are 5 times more likely to abandon what they’re doing if the site they are visiting isn’t optimized for mobile.
By establishing unique and persistent mobile identities for consumers, businesses are able to take advantage of the widespread use of mobile devices. Robust identity verification and fraud prevention solutions increase the security of mobile transactions while improving the overall user experience.