Internet has provided easy interaction among brands and customers. However, the same internet that is helping in things like transactions, communication, and knowledge of products and services, it is faced with fraudulent activities. While there are many ways businesses and customers can protect themselves, use of knowledge based authentication proves to offer an added advantage. Also known as KBA, this kind of authentication provides an added layer of security to prevent malicious activities.
In case you are dealing with transactions that are of high value or if you just want to make sure that the people logging in in your website are the right people, you would want to consider this kind of protection. Here are the importance of KBA to businesses and website owners:
Provides barrier against identity theft
Identity thieves can gain access to confidential data such as social security number and date of birth in the event that your wallet is stolen. However, it is unlikely that they will have access to information in your memory. For example, they may not know the name of your high school, the name of your pet and such kind of information, which is usually used in KBA.
Since KBA makes use of four or five of out-of-wallet questions, it ensures that there is a significant shield against things like identity theft. It is an important layer of security that protects the business as well as the consumer.
It promotes sound customers relationship
Customers want to make sure that their online accounts are protected because of the kind of transactions they carry out and the information contained in those accounts. When you have an extra protection such as KBA, it creates trust with the customer.
A business maintains a good relationship with the clients because the customers know they are protected from malicious activities. The questions that are generated to be asked by the account owners are derived from multiple databases containing public records. The good thing is that the questions are not related to credit.
Instill confidence with customers
When customers know that their information and online accounts are safeguarded, it makes them feel comfortable and secure. They can engage in transactions and other online activities knowing that they are not exposed to fraudsters. Also, they will build confidence with you as the business owner because they know they are dealing with an entity or brand that cares about their online security.
The KBA questions should be able to meet some criteria such as the allowing the answers to be easily remembered. The questions should be in such a way that only one correct answer is applicable. The time it takes for a person to feed the answer of the question should be within a short time frame. This discourages other people from having the time to research the answers. The authentication process should make it difficult for even spouses to sign in on their partner’s behalf.
Protect your business and customers by using knowledge based authentication that will enhance the level of security when people want to long into their online accounts.