With identity theft recognized as one of the fastest growing
crimes, the trust of consumers and businesses can be challenging based on the
fear of becoming a victim of fraud and suffering financial losses. By using a dynamic
knowledge-based authentication (KBA) solution you can quickly verify someones
identity and protect both your customers and business from fraud.
Dynamic KBA works by presenting a series of multiple-choice
questions to which only the person being verified knows the answer. These
questions are dynamically generated and do not require a previous relationship
with the consumer. They can be used in a variety of situations from account
establishment to existing customers requesting account changes. If your KBA
solution accesses public data records instead of credit data, then typically the
questions are based on previous addresses, a person the consumer knows or
vehicles he or she has owned. Credit-based questions are usually about mortgage
payments or credit cards.
Dynamic KBA is often confused with the static questions some
companies use such as, What is your mothers maiden name? or What is the name
of your favorite pet? These static questions are based on shared secrets which
the consumer chooses and provides the answers to them self. This means you must
have a prior relationship with the consumer before these questions can be
presented. Instead, dynamic KBA is intuitive and develops questions on-the-fly
using information found within a consumers data record. Dynamic KBA gives your
business a tool that can be used in multiple situations because it is able to
identify consumers at the beginning of a relationship and after one has already
been established.
Overall, no matter what industry
you are in, deploying a dynamic KBA solution shows your customers that you are
serious are protecting their identity and raises their confidence in your
business so you are able to build a better, long-term relationship with them.
[Contributed by EVS Marketing]
