I want to help clear up some confusion in the market about the updated FFIEC guidelines as they relate to out of wallet challenge questions. Here are terms (and their origins) that you might hear in reference to out of wallet solutions and meeting the FFIEC guidelines:
Really, it doesn’t matter what you call “out-of-wallet questions”, only what it does – quickly verifies consumers in a way that reduces your risk of fraud.
For more term definitions in the identity authentication space, check out IDology’s new online glossary.