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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.

Banking 64
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The threat of open information sharing

TRUSTID

In other words, these personal nuggets are gold to social engineers. 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.

Banking 50
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Key customer authentication learnings from 2018

TRUSTID

It’s essential for ensuring their information isn’t used for malicious activity such as account takeovers or identify fraud. According to the Identity Theft Resource Center, no corner of the business sector is completely immune to fraud. Contact center agents don’t trust KBA.