Veda Group Limited (Veda) has launched Knowledge Based Authentication (KBA), the latest feature to their renowned IDMatrix electronic identity verification service. With Australians losing an estimated $1.4 billion to personal fraud each year, Veda’s KBA feature, designed to fight fraud, was well received by the credit industry at Veda’s launch event in Sydney last week.
Identity crime is one of the fastest growing forms of fraud in Australia and the World. According to Veda’s research 41% of people admit they wouldn’t know if their identity had been stolen. Speaking at Veda’s event, fraud expert Brett Warfield advised that recent Australian research indicates employees assuming the identity of customers to raid their bank accounts and term deposits, or the creation of fraudulent loans by staff, are by far the most prevalent forms of fraud. In fact more than 50% of the frauds identified in the research had identity crime at their core. “Whether it is from staff assuming their customers’ identities, criminal groups conspiring to steal identities or create false identities, or even individuals misrepresenting their identity, the ability of organisations to know their customers has never been greater.
KBA is the newest enhancement to Veda’s IDMatrix service. Used by over 100 organisations in Australia, IDMatrix is an electronic service that verifies identities and can provide a thorough fraud assessment within seconds. This electronic process uses Veda proprietary data, together with document information and removes the need for customers to provide identity documents or to be physically present to show such documents. It eliminates the paper trail of documents which previously required internal resources to manage and also eliminates the ‘double handling’ of identity data which can subject an organisation to potential fraud. Since 2012, ID Matrix has conducted over 2.5 million verification enquiries, making it Australia’s leading source of on-line identity verification.
Source: Veda Press Release