Dynamic Knowledge-Based Authentication for Fraud Prevention

If you are a company that requires id verification
during any point of your business transactions, you want to pay attention to
this blog post. Krebs
on Security
has found a website that sells data like Social Security
Numbers, birthdates, mothers maiden name and more for as low as 9 cents a
allows users to search for a specific persons personal identification
information, or a person can purchase bulk packages of up to nearly 35,000
records at a time.

So how does this apply to your company? Profit. If your
company, whether its banking
and lending
, insurance,
or payment
, has someone sign up for your products or services with this
fraudulent information, you will have no way to prove they are not who they say
they are without using dynamic knowledge-based authentication questions.

With common knowledge-based
questions, all of the questions will be able to be answered
by someone purchasing this information. And when this happens, your company is
at an increased risk for losing funds. When you use dynamic knowledge-based
authentication questions, you are increasing the difficulties of the questions
because only the true person should know this information.

For fraud
prevention systems
, Electronic
Verification Systems
is here to serve you. Whether you want us to take care
of all of your identity verification needs, or if you would rather have a platform
you can use internally, we have these products for you.

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