Global information services Experian announced the launch of Identity yesterday, a tool that businesses can use to verify identities that want to produce higher authentication rates to reduce the risk of account and identity fraud.
Last year over 5,000 victims of identity fraud sought out aid from Experian in an attempt to get their identities back, which was a 20% up compared to the year 2008. Experts at the company expect fraud to grow more during the course of this year and hence sensed that individuals and companies need protect customers and their employees from the increasing problem.
The Identity IG tool allows for additional security and electronic verification by asking customers to answer a list of generated questions that only the actual consumer should be able to answer. The set of questions are not based on past answers so cannot be stolen.
By making use of the mass of consumer data offered by Experian, businesses can validate a consumer identity instantly and thus reduce the need for customers to remember their password or carry paper ID.
Every time that an individual is validated they are asked to set questions to use next time during the security process those creating a new log-in every time while protecting themselves from identity fraud.
Director of Fraud and Identity Solutions, Nick Mothersaw, stated that businesses face a large loss of reputation and finances if they become involved in identity fraud. Thus, they need to be take advantage of the best tools on the market such as the Identity IQ to protect themselves.