New module allows companies in the financial services and enterprise sectors to validate the identity of mobile subscribers

Mobile interaction service provider tyntec today upgrades its Mobile Authentication service with the addition of a new Number Lookup module. The new component has been designed to validate the identity of individual mobile phone numbers for security purposes by using rich GSM network data. This adds an extra authentication layer to a wide range of possible use cases, enabling financial services and enterprises to avoid fraudulent attempts in a more efficient manner.

With the new Number Lookup module companies can ascertain the validity of individual requests by comparing confirmed user data with the receiving phone number. For example, if a bank was to use a two-factor authentication process for logging a customer in to their online banking, the new module would verify the identity of the phone number receiving the login information. The service serves the financial services sector as well as enterprises by enabling mobile authentication in a wide range of uses including e-commerce, micro-payments and mobile money transfer. 

The Mobile Authentication product uses tyntec’s recently launched Number Lookup service which takes advantage of the company’s direct connection into the global GSM network to query mobile numbers for a variety of rich data. The Number Lookup service can poll individual mobile phone numbers to return information ranging from IMSI (International Mobile Subscriber Identity) verification to network and country-level location data in real-time. By interrogating this data and cross referencing it with existing information, companies can validate mobile numbers on their customer databases, enabling financial institutions and enterprises to avoid fraud and block access to non-validated users.

A variety of sectors are starting to see the benefits of mobile authentication, with analysts from Goode Intelligence predicting that the market will be worth nearly $760m by 2014, an increase of $607m over the next four years. The new module has a wide variety of applications, ranging from adding an extra layer of security to bank login requests to providing verification for e-commerce transactions and validation of login requests to secure networks.

Marcus Kriebel, Head of Product Management, tyntec, said: “As the market for mobile financial transactions is growing as well as enterprise security applications, our new Number Lookup module will help companies reduce fraud. By proving the identity of the mobile phone number linked to the transaction we’re offering a valid tool to carry out two-factor authentication. In the end, this extra layer of security provided by the mobile channel increases customers’ trust in transactions facilitated via online services.”

More information can be found at www.tyntec.com