Today’s Digital Age Calls for Increased Protection of the Phone Number, says iconectiv

More than just a string of digits, phone numbers are a vital component for digital identities worldwide

BRIDGEWATER, NJ - May 2, 2024 - The market size for global digital identity solutions reached USD 27.51 billion in 2022 with projections indicating a steady expansion at a compound annual growth rate (CAGR) of 17.2% from 2023 to 2030, and for good reason: With modern society’s digital transformation, the spotlight on protecting and verifying the digital identity has intensified since individuals’ personas are increasingly intertwined with their online presence. Digital identity is the focus of the newly released iconectiv Market Brief: Instantly confirm the identity of mobile numbers for financial services, health care and e-commerce transactions.

Encompassing the information and unique attributes of an individual in the online world, a digital identity includes personal data such as physical addresses, IP addresses, biometrics and phone numbers, which are often used for authentication and verification purposes. With mobile phone numbers becoming the primary source of identity for billions of people, they stand out as a ubiquitous and indispensable element of modern identity verification.

“People conduct the lion’s share of their personal and professional activities in the digital realm – from making purchases to handling financial transactions to accessing healthcare and other services online,” said Peter Ford, Executive Vice President, iconectiv. “As a result, phone numbers are more than just a string of digits. They represent a vital aspect of one’s digital identity that must be given the highest level of attention and protection.”

Businesses rely on the phone number to verify a person or a transaction at all points in the customer lifecycle. For example, phone numbers are commonly used for two-factor authentication (2FA), account recovery and communication verification across a plethora of online platforms and services. While 2FA adds an extra layer of security by requiring users to verify their identity using a second factor, such as a code sent to their phone, it also underscores the importance of safeguarding the associated phone number given the proliferation of data breaches and identity theft incidents.

iconectiv, a trusted provider of secure data exchange platforms and numbering intelligence within the communications ecosystem, offers a digital identity portfolio that leverages the phone number as a key digital identity signal. Designed to provide extensive, authoritative and accessible dynamic phone number intelligence, data sets and identification signals, iconectiv’s digital identity solution helps companies strengthen their Integrated Identity Platform (IIP) posture by helping them quickly categorize customers into the correct risk category, save valuable resources, reduce customer friction and make more informed assessments to protect their customers, their business and their bottom line. With capabilities spanning the continuum of the digital verification process – from pre-registration to registration to login to transaction monitoring to ongoing engagement – iconectiv’s digital identity portfolio is ideal for FinTech, call centers, e-commerce and every other industry that relies on a phone number to verify a person’s digital identity before sharing personal information, approving a transaction or allowing access to accounts and systems.

Download the Market Brief here.