Social Security Number Overload Creates Gap in Fraud Prevention

  • Fraud Prevention

With the constant economic struggles, businesses are always looking for any pennies they can pinch in their upcoming budgets. It may be very tempting to cut fraud prevention measures as their prices rise with the turbulent economy. In the long run, having vigorous security practices will save money for both consumers and businesses alike. Sounds like a simple solution, right? Well that is to assume that your fraud prevention solutions are doing their jobs.

As Javelin mentions in their article The Banking Security Revolution: Eliminate Social Security Numbers, companies and specifically financial institutions need to prioritize authentication and diversity in their solutions versus the typical verification rules. The use of social security numbers has been exhausted to the point where it has become unanimous with the consumers identity. This decreases the value of the fraud prevention process because companies are constantly asking for the same information.

Knowledge based authentication helps ensure that security measures are not made in vain. Authentication goes beyond matching information to an alleged identity; it takes fraud prevention to the next level of security by posing additional questions based on the information given. EVS offers authentication measures that dont just ask, what is your address but which of the following is a previous address of yours? These are the type of questions that make certain that someone is who they claim to be.

As you reevaluate your fraud prevention solutions, make sure that authentication is heavily prioritized. This will ensure that your security measures are working smarter, not harder