Make identity based decisions using the best possible information and ensure that the authentication methods and processes you use do not impede your customers.
Identity authentication, the process of checking that the person and the presented information is real, should let you quickly and safely onboard new customers and provide seamless access through the lifetime of the relationship.
As the value of your services and the number of ways you interact with your customer increases, the risk of fraud increases too. To limit your risks, you should use identity verification to check the customer’s presented information against an authoritative source, then authenticate identity, determining whether an individual owns that identity.
LexisNexis® Risk Solutions offer a range of authentication methods to strengthen your access controls while limiting customer friction.
Best practices in identity management state that two-factor authentication is the minimum standard for authenticating an identity. For high-risk transactions, further multi-factor authentication protocols may be in order. Two-factor authentication includes at least two pieces of evidence from knowledge, possession or inherence.
A physical characteristic or biometric such as a fingerprint, voice or iris.
A possession such as an identity document, a token, an electronic device, or a chip.