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GAO: Post-Equifax, Agencies Must Tighten Online ID Proofing

PYMNTS

“However, data stolen in recent breaches such as the 2017 Equifax breach could be used fraudulently to respond to knowledge-based verification questions,” GAO wrote. But GAO added that two of the six agencies that the watchdog reviewed have eliminated knowledge-based verification.

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Authenticating Combines Verification Services To Prevent Identity Fraud

PYMNTS

Authenticating combines Acuant , National Student Clearinghouse , TransUnion , Equifax Verification Solutions and other authoritative data providers to provide this service without excessive pass through fees and compliance costs.

Fraud 108
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Does KBA Have A Place In Online SMB Credit Checks?

PYMNTS

That does not mean older verification methods are obsolete, however: Many companies still rely on knowledge-based authentication (KBA) methods like passwords or security questions, even in areas like business lending — where stringent verification is crucial. Developments From Around The World Of Digital ID.

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MasterCard Collaboration To Drive Rwanda’s Cashless Plans

PYMNTS

What the initiative will entail includes: the digitization of school fees and national health care claim payments, providing an online payment gateway for Rwanda Online, contributing to the creation of a common mobile banking platform, and contributing to the effective management of spending activities across borders.

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5 Benefits of expanding in-house member business lending

Abrigo

With the National Credit Union Administration issuing its final member business lending (MBL) ruling as of January 2017, credit unions are seeing increased flexibility in their lending limits. By giving staff more responsibilities and the equipment to be successful, the credit union grows its own knowledge base as well.

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Small Business Banking Tests The Digital Identity Waters

PYMNTS

Knowledge-based authentication (KBA) tools, including passwords and security questions, tend to be the primary strategy for verifying identity, and this is true for areas of financial services beyond the consumer world.

Strategy 124
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Outfoxing The Cyberfraudsters In Real-Time With Live IDs

PYMNTS

The customer base includes customers as varied as Conbase, AirBnB, EasyJet, National Crime Check and a large number of banks and financial institutions around the globe. A large number of banks and online sites still rely on knowledge-based authentication. You know the ones.