Experian Upgrades Knowledge-Based Authentication Service Platform

Experian®, a global information solutions provider, today launched the next generation of its Knowledge-Based Authentication services platform. The platform enhancements will help Experian clients expand their authentication capabilities by offering a broader array of questions than had previously been available. New questions not related to credit topics and not under the auspices of the Fair Credit Reporting Act (FCRA) are now provided to add another dimension to the authentication process.

Identity authentication is one of the most effective methods available to protect consumers and businesses from becoming victims of identity theft. With the introduction of non-FCRA, noncredit questions, Experian provides the most comprehensive Knowledge-Based Authentication solution for fraud prevention and detection. In total, Experian’s solution now offers more than 30 credit- and noncredit-based questions. Additionally, Experian’s solutions meet Knowledge-Based Authentication needs across the regulatory spectrum, including guidelines outlined by the Federal Financial Institutions Examination Council (FFIEC).

“The best resource financial institutions can have against identity theft and third-party fraud is a solid knowledge-based authentication solution,” said Marc Kirshbaum, president of Experian’s Fraud Solutions. “Experian’s enhanced KBA platform can strengthen an institution’s current authentication service and provide multifactor authentication addressed in recent FFIEC guidelines.”

Enhancements included in this release of Experian’s Knowledge-Based Authentication solution include providing the clients the option of assigning greater importance to one or a series of questions, customizing the order of the questions and expanded reporting capabilities. The result is a solution that is adaptable to the needs and requirements of individual institutions.

Experian’s Knowledge-Based Authentication is a cost-effective and easy-to-implement solution that mitigates the risk of fraudulent activity and is backed by the company’s breadth of data resources. The system provides the ability to remotely authenticate individuals without delay, enabling consumers and businesses to quickly and securely conduct business with minimized risk.