Fraudsters are a smart group. With each fraud prevention method that’s introduced, they figure out ways to work around it. Organizations must be careful when using technologies that fraudsters may have compromised, but that doesn’t mean throwing everything out and starting from scratch.
Equifax fraud expert, Gasan Awad, recently blogged about this for the RSA Conference blog.
As with many things, in security and fraud prevention one tool is never enough. An alarm system makes your home safer, but your house isn’t protected from burglars unless you pair it with a deadbolt. The same principle applies to your company’s fraud detection and prevention methods. A risk-based authentication strategy layers several techniques together to offer the appropriate methods for each given situation. This approach fills in the gaps created by standalone tools and provides the most effective solution.
Tools like two factor authentication (TFA) and knowledge-based authentication (KBA) have been around for a while, but still play important roles in fraud prevention programs in a risk-based model with newer techniques like advanced data modeling, device recognition, and biometrics.
The best solution is a set of remote authentication tools — a combination of knowledge (what you know), ownership (what you have) and biometric (what you are) methods — delivered through a flexible, risk-based platform that you can use to confirm identities and help ensure the security and authenticity of account applications and transactions. Rather than relying on only one type of authentication method, a risk-based solution allows you to waterfall to the most relevant and effective authentication method for a given transaction, from passive, behind-the-scenes device recognition to more stepped-up methods like one-time passcodes, document verification, or knowledge-based authentication for riskier transactions. By flagging suspect transactions earlier in the process, you can stop problems before they occur, potentially saving time and money in the corresponding manual review while helping to protect your organization’s reputation.
For more information about multi-layered identity proofing strategies, contact an Equifax specialist.
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