Identity takeover is a real risk for any online application as there are countless fraudsters trying to obtain your personal details. At a time when you need to have a level of assurance that the personal details belong to an individual, Knowledge Based Authentication can close that gap.
IDMatrix is the only identity verification solution in Australia to use Knowledge Based Authentication (KBA) to minimise the risk presented by fraudsters using stolen identities.
Knowledge Based Authentication works like shared secret questions, similar to “forgotten password” processes, but it doesn't require the individual to have a pre-existing relationship with you. Shared secret questions require an individual to have previously provided you with the answers to specific questions, such as their mother’s maiden name. Knowledge Based Authentication will ask dynamically generated questions that only the individual should know.
Knowledge Based Authentication is being used today:
- during the initial application process
- for further assurance on high valued transactions
- to assess for fraudulent uses of personal details during account activity
- Helps establish the identity verification of the individual who provided the personal details
- Dynamic question are generated in real time on request
- No pre-existing relationship is required with the individual to generate questions
How it Works
After an individual has provided their personal details and performed an Identity Verification, the Knowledge Based Authentication feature will generate dynamic out of wallet questions based on the matched identity. You then need to present the questions to the individual and provide their answers back to IDMatrix.
Knowledge Based Authentication will score the answers and feed the results back into the fraud assessment framework to be considered as part of your overall IDMatrix result.