RSA Identity Verification is currently used by 8 of the top 10 financial institutions and 3 of the top 10 retail service providers to quickly and accurately assure user identities.
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According to the U.S. Federal Trade Commission (FTC), an identity is stolen every 4 seconds. In addition, identity theft topped the list of consumer fraud complaints filed with the FTC in 2007.
Such alarming statistics have prompted the U.S. to enact the FACTA Red Flags advisory requiring many organizations to develop and implement a preventative program to mitigate the risk of identity theft.
Introducing RSA® Identity Verification
RSA® Identity Verification is a strong authentication security solution that assures user identities in real-time and helps prevent the risk of identity theft and fraud. Utilizing knowledge-based authentication (KBA), RSA Identity Verification presents a user with a series of top of mind questions utilizing relevant facts on the individual obtained by scanning dozens of public record databases. RSA Identity Verification delivers a confirmation of identity within seconds, without requiring a prior relationship with the user.
RSA Identity Verification also provides improved accuracy in authenticating users with the Identity Event Module. The Identity Event Module improves security by measuring the level of risk associated with an identity and allowing the configuration of the system to adjust the difficulty of the questions during the authentication process to meet the specific nature of the risk.
Some of the identity events that are measured include:
- Public record searches. Suspicious access to a user's public record reports.
- Identity velocity. A high volume of activity associated with an individual at several businesses.
- IP velocity. Multiple authentication requests generated from the same IP (often a strong indicator of fraud).
Overall, RSA Identity Verification enables businesses to:
- Increase revenue from new accounts and repeat transactions
- Provide an enhanced customer experience
- Reduce operational costs of verifying and authenticating customers
- Reduce fraud through enhanced customer verification and knowledge-based authentication (KBA)
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