With the constant
economic struggles, businesses are always looking for any pennies they can
pinch in their upcoming budgets. It may be very tempting to cut fraud
prevention measures as their prices rise with the turbulent economy. In the
long run, having vigorous security practices will save money for both consumers
and businesses alike. Sounds like a simple solution, right? Well that is to
assume that your fraud prevention solutions are doing their jobs.
As Javelin mentions
in their article The Banking Security Revolution: Eliminate
Social Security Numbers,
companies and specifically financial institutions need to prioritize
authentication and diversity in their solutions versus the typical verification
rules. The use of social security numbers has been exhausted to the point where
it has become unanimous with the consumers identity. This decreases the value
of the fraud prevention process because companies are constantly asking for the
same information.
Knowledge based authentication helps ensure that security measures are not
made in vain. Authentication goes beyond matching information to an alleged identity;
it takes fraud prevention to the next level of security by posing additional
questions based on the information given. EVS offers
authentication measures that dont just ask, what is your address but which
of the following is a previous address of yours? These are the type of
questions that make certain that someone is who they claim to be.
As you reevaluate your fraud prevention solutions, make sure that authentication is heavily
prioritized. This will ensure that your security measures are working smarter,
not harder
