Veda enhances IDMatric identity verification service

29 November 2013
| By Staff |
image
image
expand image

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. 

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 6 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS