Who holds the key to your banking assets?

Posted on: December 11th, 2013 by Art Barger

Keys have long been the preferred physical devices for unlocking our most important valuables. Whether it is to open safe deposit boxes or simply to get through the front door, having the right key can get you into highly protected areas.

On the flip side, you can say keys also play an important role in securing our valuables, too. What I mean by this is the use of effective methods of authentication. When financial institutions experience inefficiencies in their authentication process, they must take ownership of the problem. If they don’t, they will continue to experience inefficient authentication and customer service.

Because personally identifiable information (PII) is too accessible over the Internet, we know that knowledge-based authentication (KBA) is at or nearing the end of its lifecycle. Using KBA challenge questions to identify customers over the telephone channel has become a threat to banks themselves, as well as the trust and goodwill between them and their customers.

Using inherence (i.e., something you are such as your voice) to piece together information to better understand who the caller really is occurs too late in the call flow to truly be effective. What’s left is ownership, which is the most effective method of authentication.

By automating the customer authentication process pre-answer — or before the call is picked up by a contact center agent — the TRUSTID® Physical Caller Authentication solution proactively identifies the incoming call to help financial institutions identify callers much earlier in the process without impacting the customer experience.

Using our real-time telephone network forensic technology, we take a physical credential from the actual calling device, which works like a physical key for validating the authenticity or risk of the call. As the only authentication solution to proactively creates an identity-predictive token in real-time, TRUSTID gives banks the keys to authenticate customers, upfront, so they know who they are dealing with to better serve their banking customers.