The Benefits of Dynamic KBA


With identity theft recognized as one of the fastest growing crimes, the trust of consumers and businesses can be challenging based on the fear of becoming a victim of fraud and suffering financial losses. By using a dynamic knowledge-based authentication (KBA) solution you can quickly verify someones identity and protect both your customers and business from fraud.

Dynamic KBA works by presenting a series of multiple-choice questions to which only the person being verified knows the answer. These questions are dynamically generated and do not require a previous relationship with the consumer. They can be used in a variety of situations from account establishment to existing customers requesting account changes. If your KBA solution accesses public data records instead of credit data, then typically the questions are based on previous addresses, a person the consumer knows or vehicles he or she has owned. Credit-based questions are usually about mortgage payments or credit cards.

Dynamic KBA is often confused with the static questions some companies use such as, What is your mothers maiden name? or What is the name of your favorite pet? These static questions are based on shared secrets which the consumer chooses and provides the answers to them self. This means you must have a prior relationship with the consumer before these questions can be presented. Instead, dynamic KBA is intuitive and develops questions on-the-fly using information found within a consumers data record. Dynamic KBA gives your business a tool that can be used in multiple situations because it is able to identify consumers at the beginning of a relationship and after one has already been established.

Overall, no matter what industry you are in, deploying a dynamic KBA solution shows your customers that you are serious are protecting their identity and raises their confidence in your business so you are able to build a better, long-term relationship with them.


[Contributed by EVS Marketing]