Online fraud prevention with telephone authentication
Qire (published 18/05/2009)
Qire explains how Interactive Voice Messaging can reduce the risk of electronic fraud during online financial transaction processing
Telephone authentication can play a key role in increasing online transactions, boosting consumer confidence when shopping over the Internet by helping to eliminate any risk of electronic fraud, according to Qire.
Responding to the Office of Fair Trading’s announcement that 30% of Internet users who do not shop online report a lack of trust and a fear of fraud, Interactive Voice Messaging (IVM) specialist Qire advises that telephone-based authentication can help to reduce online fraud attempts and therefore increase confidence levels of Internet shoppers.
By getting telephone verification from the customer that they are conducting a genuine transaction, banks and retailers can help to reduce instances of fraud and ensure that the online market continues to grow.
Qire’s telephone-based authentication enables banks to request a call to the registered card user when a transaction is attempted. Qire’s IVM technology then contacts the user, verifying their identity and whether they have initiated the online transaction, which is then relayed to the bank so that the request can be confirmed or rejected.
Adrian Adams, marketing director of Qire said: “We welcome the publication of the OFT research findings, and support their drive to better protect people from fraudsters. Over £21.4billion was spent on online retail in the UK in 2008 according to the OFT, but with the evident concerns about handing over credit details online, boosting consumer confidence is crucial to realising the full potential of the online market, and to supporting the economy at large.
“Telephone authentication is one option banks and retailers are looking to adopt, as it provides an additional layer of verification independent of the internet to better protect online customers.”
According to Qire, its telephone authentication service provides a simple solution to a big problem, and can be easily integrated into existing systems to offer additional security and protection to customers conducting online transactions.
Qire holds a directory of UK landline telephone numbers which far exceeds that of all other telephone enquiry systems, and so is well placed to work with banks to help eliminate instances of Internet fraud and protect customers conducting online transactions.
