Verid Enhances Knowledge Based Authentication Platform

The new version includes adaptive triggers, adapting in real time to certain triggering aspects of a transaction and dynamically changing verification requirements, including raising or lowering the difficulty of authenticating questions. One of the adaptive triggers is velocity, which looks at the volume of recent activity involving an individual. To make this more effective, Verid now also offers the option to share suspicious transaction information between banks or other organizations by joining a federated velocity group. Another new trigger uses the IP address to determine the geographic location of the transaction, a factor that can raise a high-risk flag. Clients can now also use their internal risk scoring information as an adaptive trigger.

The new version enables clients to augment the historical content the Verid platform uses by integrating their own proprietary information. Adding this behavioral content to the process paves the way for companies to expand use of the Verid process beyond account origination into ongoing authentication applications, replacing shared secrets or customer service representative dependent solutions.

"Our customers told us what they wanted at last year's user group meeting and we listened," said Verid CEO Kevin Watson. "Our clients wanted to add their own proprietary knowledge about a consumer's activity into our system so they could extend the use of KBA into ongoing authentication. Clients are telling us they want an alternative to social security numbers to identify customers, but customers don't remember unique account numbers. And whether you call it social engineering or pretexting, we're seeing a lot of concern over the risks presented by shared secrets and other traditional approaches to routine authentication. Now the Verid KBA process can solve both of these problems for our clients."