Cloud communications platform, Melrose Labs has partnered with Phronesis Technologies to develop new identity verification services that will protect businesses from SIM swap fraud and improve customer engagement. The new solutions will also enhance Melrose Labs’ existing Identity and Location, and One-Time Password (OTP) services.
When SMS is used to deliver a one-time password to a user, there is a risk that the message could be intercepted. With these new services, businesses will be able to identify SIM swapping and deny the use of OTP to prevent fraudulent use of a user’s account.
Melrose Labs’ Identity and Location Service will also be enhanced, enabling a more intelligent mobile number lookup, verifying that a mobile number is associated with device analytics and that the name associated with the number matches that provided by the user.
The platform’s new identity verification services will be offered to organisations in the public and private sector through its Identity product line. Companies in fintech, IT, retail, utilities and government will find the services particularly beneficial.
Identity verification is becoming increasingly important to companies across several sectors, particularly those where additional layers of verification are essential. In part, this comes from increased online transactions and new regulations around Strong Customer Authentication (SCA). The area of ID verification has seen significant growth over the last few years, and we believe that the services we’re developing will rise above traditional offerings.
Mark Hay, CEO, Melrose Labs