Enhancing Knowledge Based Authentication with Customer Data

Fraudsters continue to develop new techniques designed to gain access to products and services utilizing compromised identity and account information. In order to head off malicious attacks and minimize risk, organizations must employ robust identity verification tools to ensure the legitimacy of each transaction. Dynamic knowledge-based authentication (KBA) is one method that organizations use to quickly and easily confirm that someone is who they claim to be. Enhanced knowledge-based authentication goes a step further, utilizing an organization’s internal customer data to create custom out-of-wallet questions to verify an individual, allowing them to green-light customers more efficiently and create a more meaningful customer experience.

ExpectID Customer Based Authentication 

The main difference between dynamic knowledge-based authentication and enhanced KBA is the data that is used to generate the out-of-wallet questions. IDology’s ExpectID Customer Based Authentication (CBA) enables companies to develop custom KBA questions derived from their own proprietary customer data. As an additional layer of security, none of this data is ever exposed or shared with us, giving businesses unlimited capabilities for creating unique, relevant questions without infringing on customer privacy policies. By systematically employing the valuable data organizations already gather on their customers within the authentication process, businesses are able to increase their confidence that a customer is who they claim to be prior to a transaction.

What Advantages Can You Expect?

However, the fact remains that organizations must be able to not only protect their consumers’ from fraud, but also find ways to simplify processes and maximize efficiency in order to grow their business. ExpectID CBA helps achieve these goals in the following ways:

  • Uses internal proprietary data behind your firewall to generate unique and relevant identity verification questions.
  • Enables privacy protection because data is neither shared nor stored by IDology.
  • Replaces shared secret questions, which can be easier to compromise.
  • Offers a complete end-to-end identity verification solution and can be used as an escalation point for high risk transactions.

Identity Verification on a Global Scale

ExpectID CBA also allows organizations to validate current customers with a higher level of authentication on a global basis utilizing a business’s international customer data. Global enhanced KBA questions can be used, for example, to confirm identities before high risk transactions are approved or to prevent account takeover from password resets.

IDology’s platform gives organizations the real-time identity verification needed to maximize efficiency, while also driving customer acquisition and deterring fraud. To learn more about using ExpectID Customer Based Authentication to enhance your knowledge-based authentication efforts, call (866) 520-1234 to schedule a demo today.

WEBINAR

BALANCING FRICTION AND FRAUD: Insights from the 2nd Annual Consumer Digital Identity Study

Featuring Christina Luttrell and Eric Leiserson as presenters

May 23 at 2:00pm EDT

NEW RESEARCH

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SECOND ANNUAL CONSUMER DIGITAL IDENTITY STUDY