After the hacking
incidents at Bradstreet, Lexis Nexis and Kroll Background America (three major
data aggregators that maintain records on millions of Americans), there has
been a rise in concern about KBA and its effectiveness. Knowledge based authentication (KBA) is a tool that verifies an individuals
identity. Databases, such as those listed above, become more targeted by
criminals as they grow.
These specific hackers
specialize in trafficking personally identifiable information on the black
market through an operation known as SSNDOB. They provide reliable personal
data on U.S. residents and credit checks to customers for an inexpensive cost.
With these compromises in data, several industry leaders are saying that
organizations shouldnt rely on KBA to verify identity.
There are also
concerns that criminals can get their hands on anyones KBA or identity information
though various black market exchanges. However, there is nothing being said
that KBA has been weakened because of these compromises. The tools and layers of security are what determine protection and fraud
prevention. We recommend a combination security strategy that consists of
solutions such as dynamic KBA, drivers license verification, high-risk alert, residence verification and history and much more.
Layering fraud and
security solutions will enhance your organizations database. If you feel KBA
alone may be vulnerable to criminals go beyond compliance guidelines and
improve your fraud prevention strategy. Trust us, its worth the investment to
protect your data.
[Contributed by EVS Marketing]