Are you looking for knowledge-based authentication alternatives to use in your organization? Knowledge-based authentication (KBA), which is sometimes referred to as knowledge-based verification (KBV) or “out of wallet” questions, is a customer identification program that generates questions from public and private data sources, government databases, credit reports as well as financial history.
For the longest time, KBA has been a key identification tool in the financial services industry, but most organizations these days are interested in KBA alternatives. After all, simply asking a person where they lived on a particular date is just as effective as a simple password, something that is making KBA lose its edge. Like the speedy progress of technological advancements, fraudsters and other cybercriminals are evolving to bypass loose security systems easily.
So, what better jumio alternative is out there for you to consider? One of the technologies you should consider if you are shifting from KBA is ID Verification. This the most basic form of authentication that is twice stronger than KBA. Identity verification requires scanning the user’s government-issued ID.
You can also make use of mobile verification. The capabilities of mobile devices are almost limitless these days. Using mobile phones, you can verify a user through biometric authentication as well as audit trail for safer high-value transactions. Mobile verification combines several other factors, like fraud detection, device tenure and SIM swapping.
The steps for identity verification for online chat are similar to that of ID verification, except the fact that it involves comparing the presented government-issued ID with a real-time user selfie. Another effective verification system that you can use is identity as a service (IDaaS) system, which is cloud-based and is operated by a third party instead of in-house IT teams. It aims to verify users claiming to be whom they are through multi-factor authentication. Users are required to submit multiple authentication factors to access networks.
For more information on the knowledge-basedauthentication alternatives you can use, visit our website at https://authid.ai/
