Dynamic KBA is used by a lot of industries for a variety of reasons requiring a
high level of verification. Whether you are verifying the identity of someone
opening a new account or using it to meet compliance regulations, dynamic KBA
is used as further verification on abnormal account activity such as a money
transfer or a large number of purchases within a certain period of time.
We all know how frustrating it is to be transferred to
different departments while on a call, much less having to provide the same information
each time youre transferred. However, this is done to protect your business
from high-risk situations, multiple transfers are sometimes necessary so that
you can be sure the person is who they say they are. KBA allows your
representatives to quickly approve orders or customer account changes that in
turn increases customer satisfaction and improves the chances that a customer
will become a repeat customer.
Consider the type of data sources questions are being
dynamically generated from. Credit-based questions tend to be harder to answer,
even for the real person. If your demographic includes a lot of younger or out
of country customers, a credit-based solution will not be able to generate substantial
questions since these people may not have credit files.
Being able to quickly capture information from customers and
verify their identity using an automated verification process serves to shorten
your call times thus maximizing your overall efficiency. Being able to provide
your representatives with actionable intelligence reduces the amount of judgment
decisions they need to make and will shave seconds off calls, which can quickly
add up to more minutes and hours of productivity from your employees.
Increase You ROI
The benefit of more employee productivity is more revenue. Long
hold times and slow processing from delayed approvals put your business at risk
of the consumer taking their business elsewhere. Dynamic KBA is an automated
process that helps give you both more revenue and profitability from quickly
approving legitimate customers while also stopping fraudsters.
As the government continues to examine threats to our
country, from terrorism to the impact of identity theft on consumers, chances
are your business has some type of compliance regulations to follow. Dynamic
KBA helps multiple industries meet compliance initiatives like KnowYour Customer (KYC) to Red Flag Regulations. Even if you dont have
compliance requirements to follow, having higher confidence that the person on
the line is real helps protect both customers and your business from identity
On the front-end dynamic KBA stops fraudsters by verifying
someone is who they claim to be using multiple-choice questions. What is
important is to evaluate the controls and processes operating on the back-end
to prevent bad guys from tricking the system. Solutions, like IdentiFraudConsumer, offer you the ability to set multiple rules and conditions that
trigger fraud flags as well as a clear escalation path and easy way to alert
you of the situation.
[Contributed by EVS Marketing]