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Did You Know?: Phone Coverage Directly Impacts Fraud Levels

April 4, 2019
digital identity, payfone, identity authentication

There are 700 million active consumer phone numbers in the U.S. and only 52% of phone lines are post-paid mobile phones; this means that coverage for ‘post-paid only’ phone numbers will miss almost half the country. Furthermore, 25% of total mobile phones are pre-paid, with landline and VoIP representing 23% and 14%, respectively, of all active phone numbers. The telco carriers can only provide partial coverage for pre-paid lines, and they do not provide any coverage for landline and VoIP.

Why does this matter?

High coverage directly impacts identity verification rates, which positively impact fraud levels, OPEX and the digital customer experience. Payfone provides coverage for post-paid, pre-paid, landlines and VoIP. We typically can verify identity for >90% of customers. A recent coverage study we completed for a major East Coast health plan demonstrated an improvement from 30% verified contact information for their members to a coverage rate of 91% verified contact information.

To learn how you can conduct a coverage study for your business, click here.

Next week’s Did You Know? topic:

THE ENROLLMENT PROCESS IS THE MOST CRITICAL ELEMENT FOR A GREAT CUSTOMER EXPERIENCE AND LONG-TERM LOYALTY

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