Identity Verification in Telcos: How They Combat Fraud and Improve UX
Blog post from Didit
In 2023, identity fraud in the telecommunications sector rose by 12%, resulting in $38.95 billion in losses, prompting 90% of telecom companies to view Know Your Customer (KYC) processes as essential for combating fraud and enhancing user experience. The advancement of eSIM technology, which allows for the activation of phone plans without physical SIM cards, highlights the importance of electronic KYC (eKYC) for secure and efficient identity verification. eKYC processes enable telecom companies to remotely verify user identities, ensuring compliance with regulations and reducing fraud risks, while also providing operational efficiencies and improving user experiences. Didit offers a free, unlimited eKYC solution that supports telecom companies by providing quick and secure identity verification through advanced technology, including document verification and facial recognition, while complying with strict local and international regulations. The integration of eKYC is critical for scaling operations and meeting the growing demand for eSIMs, as it reduces costs, enhances security, and ensures a seamless activation process for users worldwide.
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