Knowledge-Based Authentication Software
Last year, more than 13 million individuals, that’s 1 in every 25 people, were victimized by fraud. We’ll help you keep the bad guys out and ensure only true customers are accessing accounts.
What is Knowledge IQSM?
Experian’s Knowledge IQSM powered by Precise IDSM is a revolutionary knowledge-based authentication tool for identity authentication and fraud prevention. Precise IDSM scoring models and Knowledge IQSM interactive challenge-response questions provide innovative and integrated identity authentication and fraud detection on a single platform. By combining the leading-edge analytics and decisioning technology of Precise IDSM scores with the sophisticated Knowledge IQSM challenge-response authentication questions, you have a comprehensive risk-management and identity authentication system.
How Can a Knowledge-Based Authentication System Help My Business?
This robust, knowledge-based authentication system allows financial services providers, card issuers, retailers and order processors to customize their risk exposure for each transaction. Enhance your customer satisfaction by taking a risk-based approach to identity authentication by targeting only the riskiest consumers with increased verification. Simply review their Precise IDSM score or other criteria. When risk warrants it, initiate an interactive question session for further verification. This fosters a positive, convenient customer experience and provides you with a more accurate picture of the applicant through multisource credit and noncredit data. Knowledge IQSM complies with both the Gramm-Leach-Bliley Act and the Fair Credit Reporting Act and is ideal for non-face-to-face transactions, such as Internet and call center applications. The breadth of data and complex modeling make this platform one of the most advanced in the marketplace.
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- A single integration point for identity authentication
- Analytical scores using multiple data sources
- Challenge-response authentication question technology
- Configurable question presentation and time limits
- A flexible and customizable interface
- Credit reporting agency independent
- Optional delivery through interactive voice response systems
- Precise ID - Fraud prevention's core platform
Blending the industry’s most extensive data, superior analytics and flexibility, Precise ID is a single-platform solution that operates across product lines and throughout the Customer Life Cycle, providing fraud prevention. This comprehensive system enables you to develop a plan that suits your specific needs. Instead of combining several niche products, you can customize risk strategies for all your institution’s fraud prevention needs. Precise ID also reduces operational expenditures — both actual losses and management costs — by optimizing your fraud prevention in previously unavailable ways and without costly product integration projects.
The Precise ID Web user interface features real-time functionality and transaction reporting, enhancing user flexibility and speed. In addition, it provides streamlined access while implementation occurs, allowing new users to be up and running within days.
- Knowledge IQ - Knowledge Based Authentication
Knowledge IQ utilizes Experian’s challenge-response authentication question technology to formulate questions only the true customer would know. With an adjustable question configuration and the ability to change strategies for each inquiry, you are well-suited to achieve your fraud prevention and detection objectives with various levels of identity authentication. In addition, configurable time limits prevent fraudsters from researching answers during faceless interactions. With Knowledge IQ, you ensure rapid, reliable and convenient consumer verification for your true customers.
- Knowledge IQ through Interactive Voice Response (IVR)
Experian® can deliver Knowledge IQ within the latest automated IVR systems, allowing for more efficient use of resources within call centers. The ability to generate automated knowledge-based authentication questions for both inbound and outbound calls significantly reduces the need for manual operations, thus reducing call center costs. Utilizing Knowledge IQ through IVR also allows for a positive customer experience and provides more secure interaction by eliminating call center intervention.
- A partnership with measurable benefits
The powerful combination of Knowledge IQ and Precise ID risk scoring provides a multifaceted credit-risk and identity authentication tool. This innovative modeling approach allows many configurations to exist on your system, with only one risk strategy being active for each scoring model.
Key benefits include the following:
- Optimized risk strategies for a specific consumer populations
- Global question exclusion over a specific time period
- Flexible, client-controlled question configurations
- Credit- and noncredit-based questions for a more accurate picture of the consumer
- Alternate languages for question presentation at inquiry
Knowledge IQ is the only scoring and question product from a single provider available in the market today. No other tool matches its comprehensive knowledge-based authentication questions, scoring or data sources. The depth of information, analytical performance and powerful capabilities this platform provides make it more than just a software package. This revolutionary tool sets a new standard, empowering users to evolve and elevate their fraud and credit-risk practices within days.
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The flexibility of Precise ID allows you to address multiple types of:
- First-party fraud
- Third-party fraud
- Identity theft
- Synthetic identities
- Fraud rings
- First payment default
Experian Decision Analytics
The following business fraud and identity solutions are accessed through Experian's eSolutions website:
- Precise IDSM
- National Fraud DatabaseSM
- Knowledge IQSM
Credit Union Saves 500 Hours Per Month in Labor
Pacific Marine Credit Union (PMCU) saved more than 500 hours per month in fax labor after switching to Experian's risk-based authentication tools, which feature a challenge question approach.
New and Existing Relationship Fraud Presentation
Examine the various types of existing account fraud, including account takeover fraud, impersonation, bust out, synthetic identity and undetected acquisition fraud.
Risk-Based Authentication Webinar
Learn how a risk-based approach to verifying customer information enables consistent and objective decisions, faster approvals and maximizes the usage of staff time.