Does Experian Use Out Of Wallet Questions?
Yes, Experian uses out-of-wallet questions through Experian’s Knowledge IQSM. Experian’s Knowledge IQSM, powered by Precise ID®, allows businesses to authenticate their customers via noninvasive questions. Noninvasive questions can be easily answered by a legitimate customer with Experian’s Knowledge IQSM. Experian’s Knowledge IQSM uses a customized configuration that is designed to balance business needs with fraud-risk appetite.
Experian’s Knowledge IQSM Easy authenticator allows a seamless authentication. The seamless authentication does not compromise customer experiences. Customer experiences are given importance with Experian’s Knowledge IQSM Easy authenticator features such as:
- Eight trusted data sources that provide 70 credit and noncredit-based questions in 16 categories and are easily answerable by customers.
- Specific questions that are based on the business’s own data and customer base.
- Multiple question-presentation configurations that provide greater flexibility for how questions are presented to customers.
- Custom question text available for question presentations that suits the business’s needs.
Experian’s Knowledge IQSM Data sentinel keeps fraudsters from invading businesses while confidently authenticating their legitimate customers. Legitimate customers are successfully verified using Experian’s Knowledge IQSM Data sentinel features:
- A layered, risk-based strategy that provides a multifaceted authentication method that integrates a risk-based score, device intelligence, and questions to authenticate customers confidently and quickly.
- Variety of data sources that are used to fight compromised consumer information and diminish the impact of fraudsters using stolen information.
- A high configuration that addresses business needs and mitigates fraudsters from accessing Knowledge IQSM to learn question-and-answer options.
- Fraud ShieldSM indicators and specific questions that can be used to override a Knowledge IQSM authentication decision.
Experian’s Knowledge IQSM Automation engine allows businesses to verify their customers’ identities systematically and reduce operational expenses from manual authentication. This includes:
- A consultative approach through performance monitoring and analysis that optimizes an individual Knowledge IQSM configuration.
- An exceptional flexibility that allows businesses to tailor Knowledge IQSM to meet their business needs.
- A champion or challenger strategy that allows businesses to test configuration changes to optimize Knowledge IQSM and satisfy their business goals.
- A breadth of data and sources that provides more questions and question types to ensure the usage of automated authentication for businesses.
- An integration into businesses’ automated call management service or interactive voice response platform that removes the dependency on call center agents and reduces operational expenses.
Experian’s Knowledge IQSM Compliance safeguard allows businesses to authenticate their customers quickly and easily while satisfying regulatory compliance obligations. This includes:
- Satisfying the Fair and Accurate Credit Transactions Act (FACTA) Red Flags Rule, USA Patriot Act Customer Identification, and Know Your Customer Requirements
- Authenticating their customers while ensuring that fraudsters are not accessing their businesses.