Electronic Verification Systems Offers Knowledge Based Authentication- 09-27-2011

LOUISVILLE, Ky. September 27, 2011 Electronic Verification Systems (EVS), a leader in fraud prevention solutions and id verification systems, offers knowledge-based authentication (KBA) to businesses to comply with the Federal Financial Institutions Examination Council (FFIEC) guidance Authentication in an Internet Banking Environment.

Because of the increase in online fraud, the FFIEC instated this guidance for businesses that do online banking or transactions as an extra security layer to protect consumers. Knowledge based authentication exists in two forms: static and dynamic.

Static KBA occurs when a consumer chooses from a list of pre-determined questions and provides the answers to them. Due to the use of social media, and the personal information provided on them, someone with fraudulent intent can easily answer these questions.

The more secure type of KBA is dynamic KBA. The questions are not predetermined and do not rely on information that is often publicly available. Because of this, it is much more difficult for a person with fraudulent intent to answer these types of questions correctly. Dynamic KBA is also known as out-of-wallet questions.

Sophisticated id authentication question systems usually require the consumer to correctly answer more than one question, and they often include a red herring question. The red herring question is designed to trick a person with fraudulent intent, but the consumer will know the question is not relative, or none of the answers are related to them.

As part of the IdentiFraud Consumer+ solution, EVS provides dynamic KBA questions to their clients for a seamless id verification solution. The IdentiFraud Consumer+ solution includes an Authentication Question Generator and Advanced Residence Verification and History, which confirms the customers current address and also provides the customers previous 12 addresses.

Many companies use KBA questions when the primary logon authentication technique is inoperable or presents an unexpected characteristic. An example of this is the user cannot remember their password and has reached out to reset their password. To confirm the person is who they say they are, the business will then implement KBA questions. After the clients identity has been confirmed through the KBA session, the business can then reset the password.

If you are interested in learning more about the IdentiFraud Consumer+ fraud prevention solution, please contact us for a live demonstration.

About Electronic Verification Systems

Electronic Verification Systems is a leading provider of fraud prevention services designed to help businesses combat identity theft, control costs, satisfy governmental regulation, and support audit and control requirements. With major clients in the financial services, retail product, brokerage, education, insurance, and corporate security industries, Electronic Verification Systems provides powerful and innovative solutions to businesses and organizations across the world.

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