Dynamic KBA

Out-of-Wallet Questions to Verify Identity & Deter Fraud

It’s difficult to establish trust when you can’t look someone in the eye. Whether it’s to open a new account or reset a forgotten password, dynamic knowledge-based authentication provides a simple, non-intrusive way to verify and authenticate customers.

Knowledge-Based Authentication with ExpectID® IQ

ExpectID IQ is a dynamic knowledge-based authentication solution that asks consumers a series of relevant, multiple-choice, “out-of-wallet” questions. This layer of consumer challenge allows your business to confirm that “Bill Anderson” is truly Bill Anderson.

IDology’s ExpectID IQ is the most flexible and robust knowledge-based authentication solution on the market, providing dynamically generated questions to even thin file customers. This solution can be used as a primary means of identity verification or as a step-up authentication for certain high-risk situations, based on your specific business requirements.

Fraud Deterrence
Fraud Deterrence
Authenticate identity during onboarding and keep fraudsters out.
Step-Up Authentication
Step-Up Authentication
Confirm identity during high-risk situations such as password resets.
Better Decisioning
Better Decisioning
Approve, deny, or escalate based on your unique business requirements.

How ExpectID IQ Works:

  1. ExpectID IQ scours billions of public data records to intelligently derive tactful, non-credit-based questions to authenticate an identity.
  2. Based on the number of questions answered correctly, businesses can deny or approve the transaction, or ask additional challenge questions with ExpectID IQ Challenge.

We examined several different identity verification providers. Ultimately we decided on IDology because they gave us control with the flexibility of their solutions and the ability to select and change the questions we ask based on what our customers were comfortable with and the risk tolerance that we were comfortable with.

– David Schwarz, Senior Director of Product Management and Product Marketing

Why ExpectID IQ Is Better Than Other KBA Solutions

There are several types of KBA, but unfortunately, they all tend to get lumped together. IDology’s dynamic KBA solution, ExpectID IQ, is industry leading in its ability to present robust question sessions. Here’s why:

 

Dynamic Generation: Static KBA questions (commonly called shared secrets) are easy for fraudsters to social engineer because the question and answer are always the same. Dynamically generated out-of-wallet questions with multiple-choice answers are different each time, making them more secure.

Relevant Demographic Data: Questions based on credit data ask about a person’s credit, banking, and mortgage activity. These questions are difficult to answer because the answers aren’t memorable. Questions based on demographic data, however, such as nearby street names, are more relevant and easier for consumers to answer.

Integration with the ExpectID Platform: ExpectID IQ is supported by a deep set of fraud prevention and analytical features. Combine ExpectID IQ with other IDology solutions for more powerful, robust verification, authentication, and fraud prevention at every step, from account creation to password reset.

Consumers Prefer Demographic KBA Questions
Over half of American consumers would rather answer demographic questions if given a choice. Only 17% prefer credit questions.
Consumers Are Confident with Demographic KBA Questions
The majority of American consumers feel it’s a company’s responsibility to protect their customers' personal information from data breaches and fraudulent use.
Consumers Believe Knowledge-Based Questions Are Secure
Almost half of American adults believe KBA questions are an “extremely” or “very” secure method of authentication.

 

see the data

 

Create customized questions using your own proprietary customer data: learn more about ExpectID® Customer-Based Authentication.

Implementation & Configuration

Effectively fighting fraud is a group effort. IDology’s Consortium Fraud Network amplifies real-time fraud intelligence between companies and across industries, giving you the power to leverage the fraud mitigation efforts of every IDology customer. A combination of machine learning and human intelligence work together to detect repeat transaction attempts across the network or flag specific attributes associated with known fraud.

We couldn’t say we improve the verification process if we made it difficult to deploy any of our identity solutions. Depending on which solutions and delivery methods you select, you could have our identity verification and authentication solutions up and running in a matter of minutes or just a few days, without large upfront costs. Potential delivery methods include: web portal access, API integration, and batch uploads (delivery methods vary by solution—contact us for more information).

With criminals attempting new tricks every day, being able to quickly meet the rapidly changing fraud landscape is a necessity. That’s why IDology offers easy-to-use, completely customizable technology. Our unique, on-demand identity verification and authentication solutions offer point-and-click flexibility so that you can change rules and settings within the system whenever you want, 24/7, without burdening your IT team. With IDology, you manage the identity verification process from start to finish.