![]() ![]() ![]() Also, data violations have made it easier for criminals to steal anyone’s personal information as well as trick the anti-fraud system. While identity authentication prevents fraud in online transactions effectively. KBA does not only provide useful information required for identity verification purposes but is also used in the form of those questions that only the real individual knows the answers to. Such questions are known as out-of-wallet questions as they need the information that is not present on the verification documents such as past loan payments, family members’ names, past home addresses, or employers. Although this additional layer offers greater protection to businesses and consumers, it’s also becoming susceptible to identity thieves as is the case with IRS data violation. The customer whose document verification is going to be done is asked to hold their documents in front of the smartphone or web to scan their relevant information. As the image is received, it is evaluated by the software to check the authenticity of the documents. In a few cases, that image is also manually verified by the document experts to check forgeries. ![]()
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