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Key customer authentication learnings from 2018

TRUSTID

According to the Identity Theft Resource Center, no corner of the business sector is completely immune to fraud. While some industries such as retail and banking may see more attacks, hospitals and other public agencies are doing everything they can to protect their customers’ confidential information from falling into the wrong hands.

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The benefits of reducing KBA dependency

TRUSTID

While banks know that relying on conventional knowledge-based authentication (KBA) can leave customer accounts vulnerable to social engineering attacks, many continue to take that risk anyway. The problem with getting too comfortable with how you identify callers is it can put your customers at risk.

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The threat of open information sharing

TRUSTID

The data is collected by fraudsters to build personal profiles they can sell to other criminals, apply for credit cards, or socially engineer banks to takeover customer accounts. When TRUSTID plays with existing technologies it can put banks on a path for becoming multi-factor authentication compliant. .

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Call centers prefer removing agents from authentication process

TRUSTID

Multiply that by the number of customer calls your contact center receives each year, and you can start to understand the financial impact KBA has on your bank’s operating expenses, not to mention the damage to your profitable bank-customer relationships.