Veda enhances IDMatric identity verification service
Credit information and data analytics company, Veda Group Limited, has launched a new feature on its IDMatric electronic identity verification service - so-called Knowledge Based Authentication (KBA).
Announcing the enhancement this week, the company said that with Australians losing an estimated $1.4 billion to personal fraud each year, the KBA feature was likely to be well-received by the local credit industry.
Commenting on the launch, Veda's general manager of Fraud and Identity Solutions, Imelda Newton described KBA as "a type of electronic verification that adds an extra level of protection by using 'out of wallet' knowledge questions to verify an individual's identity".
"It adds assurance that the person presenting the identity is indeed that person," she said.
According to Veda, identity crime is one of the fastest growing forms of fraud in Australia and the world with company research suggesting 41 per cent of people admitting they would not necessarily know if their identity had been stolen.
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