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#1398436 - 06/02/10 01:09 PM Authentication of Identity for Red Flag
GottaLuvIt Offline
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Joined: May 2009
Posts: 48
To enhance our identity theft prevention program we have begun using a third party service provider's software program to authenticate the identity of NEW customers. Basically, the customer's information is entered and a series of multiple choice questions are then provided for the customer to answer. (The questions come from various databases). These questions, in theory, can only be answered correctly by the TRUE person, thus authenticating the person's identity.

My question is this: Are any other institutions doing something similar? Or are we doing something completely unnecessary?

Our CSRs are complaining that opening accounts are taking way too long because of this. Any comments are greatly appreciated!

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#1398479 - 06/02/10 01:55 PM Re: Authentication of Identity for Red Flag GottaLuvIt
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
We are NOT doing this and I would imagine that our CSRs would have the same reaction. While I'm an advocate of getting as much accurate information from a customer the first time, I would implement this added procedure only on customers where there is some doubt as to their identity (e.g., driver's license looks a bit dodgy, etc.).
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1398482 - 06/02/10 01:58 PM Re: Authentication of Identity for Red Flag GottaLuvIt
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
This method is frequently used for online authentication. I have not (yet) come across any banks using this type of authentication in face to face situations.
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#1398603 - 06/02/10 04:26 PM Re: Authentication of Identity for Red Flag Kathleen O. Blanchard
GottaLuvIt Offline
Junior Member
Joined: May 2009
Posts: 48
I appreciate your feedback! Thanks.

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