Out Of Wallet meaning
Out-of-Wallet, also known as OOW, refers to private data used for authentication to prevent identity theft. The authentication to prevent identity theft is used for telephone banking or internet banking. For telephone banking or internet banking, customers are asked typical questions that are easy for them to recall but very difficult for others to answer.
These questions are normal question and answer types or multiple-choice questions that are based on personal public records or credit history. The personal public records or credit history makes the answers to out-of-wallet questions obvious to the real customer but very hard for others. Answers that are true with respect to the out-of-wallet questions will grant the customer access. Access can be to requested information like viewing the account balance or access to change something in the account like e-mail or password.