Knowledge-based authentication: Difference between revisions

Revision as of 06:47, 12 April 2020

Revision as of 08:57, 25 September 2020

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Dynamic KBA is a high level of authentication that uses knowledge questions to verify each individual identity but does not require the person to have provided the questions and answers beforehand. Questions are compiled from public and private data such as marketing data, [[credit reports]] or transaction history.

To initiate the process, basic identification factors such as name, address and date of birth must be provided by the consumer and checked with an [[identity verification service]]. After the identity is verified, questions are generated in real time from the data records corresponding to the individual identity provided. Typically, the knowledge needed to answer the questions is not available in a person's wallet (some companies call them "out-of-wallet questions") making it difficult for anyone other than the actual identity owner to know the answer and obtain access to secured information. Generally, the periodlength of time forand thenumber personof isattempts givenprovided to respond to questions and the number of attempts isare limited to prevent answersthe fromanswers being researched.

Dynamic KBA is employed in several different industries to verify the identities of customers as a means of fraud prevention and compliance adherence. Because this type of KBA is not based on an existing relationship with a consumer, it gives businesses a way to have higher identity assurance on customer identity during account origination.