LexisNexis® Risk Solutions announced the acquisition of RSA Security’s consumer Knowledge Based Authentication (KBA) technology to drive further innovation in LexisNexis’ identity proofing solutions and strengthen its leadership position in the identity management and fraud sector.
More than 369,000 identity theft complaints were filed with the Federal Trade Commission in 2012 – a figure that has increased 32 percent since 2011 – according to the Consumer Sentinel Network (CSN)1. To combat this growing problem, financial institutions, retail organizations and government agencies need identity management solutions to verify and authenticate identities while conducting face-to-face and customer-not-present transactions. This allows organizations to mitigate the risk of fraud and comply with certain rules and regulations.
The consumer KBA acquisition will allow LexisNexis to further extend its leadership position in the identity management and fraud sector. InstantID® Q&A, LexisNexis’ flagship identity management product, uses public records and other data sources to create a quiz in real time and authenticate a user’s identity. This added level of security helps institutions reduce fraud costs and improve customer relationships.
Source: Virtual Strategy