The new offerings 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. Mark Hay, CEO of Melrose Labs says:
“Identity verification is essential to reducing fraudulent activity and is a key part of ensuring secure and trustworthy customer engagements in online transactions. Our new partnership with Phronesis Technologies will allow us to develop new services and enhance our existing offerings.
“We’ve worked with Phronesis on a number of public and private sector projects before and our services complement one another well. Together, we’re able to provide businesses with reassurance by offering a superior service.”
Melrose Labs’ Identity and Location Service will also be enhanced, enabling a more intelligent mobile number lookup. The service will enable organizations to verify 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 organizations 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. Mark Hay says:
“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.”
Phronesis Technologies will use Melrose Labs’ Communication Platform as a Service (CPaaS) offering and extensive experience in communications, to perform identity verification in customer journeys that involve voice and messaging. James Trenholme, Founder, and Director of Phronesis Technologies says:
“We started Phronesis to provide powerful mobile data insights. By combining our data solutions with Melrose Labs’ communications layer, we can build more powerful customer offerings that fit right in with traditional voice, SMS, and OTP services. All companies, large and small, rely on trust being at the heart of the business and today’s high-tech fraud attacks erode this deep customer trust. Our solutions address that balance without adding unnecessary friction into the process.”