Knowledge Based Authentication (KBA) is no longer reliable, and in fact enables ID fraud with today’s criminals.
Personal data is now a commodity that businesses and criminals trade amongst themselves. Many solutions that attempt to verify a customer’s identity gather data from publicly available sources, such as information on file with credit bureaus. Verifying a customer’s identity using publicly available data provided by credit bureaus and data aggregators has a number of drawbacks. Publicly available data often finds its way into the hands of criminals either through an apparently legitimate business backed by criminals that pays for access, or via the many data breaches that take place – most of which are never reported. Social media also plays a role in helping criminals gather the data they need to overcome knowledge based authentication. In a recent survey by Visa Security involving 1,000 participants, 50% were willing to share their birthday online, 14% were willing to share their mother’s maiden name, and 7% would willing share their social security number. The data to overcome questions involving “secret” questions exists; all criminals have to do is use social media to find it.
AuthenticID eliminates the use of KBA to authenticate identity, instead relying completing on each customer’s government issued ID – which is something they have – and their selfie – something they are. Further, with its integrated data partnerships, AuthenticID can provide additional identity data verification of the identity data that is extracted from each customer’s ID document, as defined by each use case.
AuthenticID uses advanced and proprietary imaging, forensic, and biometric technologies to quickly authenticate identities in an automated fashion in less than 20 seconds on any mobile device, from anywhere.