Dynamic Knowledge-Based Authentication for Fraud Prevention

  • Fraud Prevention

If you are a company that requires id verification during any point of your business transactions, you want to pay attention to this blog post. Krebs on Security has found a website that sells data like Social Security Numbers, birthdates, mothers maiden name and more for as low as 9 cents a piece. Superget.info allows users to search for a specific persons personal identification information, or a person can purchase bulk packages of up to nearly 35,000 records at a time.

So how does this apply to your company? Profit. If your company, whether its banking and lending, insurance, or payment processing, has someone sign up for your products or services with this fraudulent information, you will have no way to prove they are not who they say they are without using dynamic knowledge-based authentication questions.

With common knowledge-based authentication questions, all of the questions will be able to be answered by someone purchasing this information. And when this happens, your company is at an increased risk for losing funds. When you use dynamic knowledge-based authentication questions, you are increasing the difficulties of the questions because only the true person should know this information.

For fraud prevention systems, Electronic Verification Systems is here to serve you. Whether you want us to take care of all of your identity verification needs, or if you would rather have a platform you can use internally, we have these products for you.