Out of Wallet questions are questions specifically based on a person's past and present life events. More so, questions a typical identity thief should not be able to easily answer.
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So, the million dollar question is, "are Out of Wallet questions sufficient in verifying identity?"
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In most cases, yes!
In fact, CBC uses a very comprehensive Out of Wallet question process, and provides easy access without ever leaving the credit report header.
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But in this age of being able to find practically anything on the internet, identity thieves are using resources such as the "dark web" to help them carry out their illegal activities. For a small price, thieves can purchase information that can potentially expose a lifetime of personal information. Businesses have used Out of Wallet questions for decades to assist in identifying a current or prospective customer; and it still remains an effective solution, but is it enough?
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Let's dig a little deeper...
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Let's say Jon Consumer is wandering around your business. A salesperson has a completed and signed credit application, and is headed towards the manager's office.
Jon appears a little anxious, giving you that unsettling feeling. You pull a credit report and find a Red Flag or two. Maybe the DOB doesn't match, or the SSN can't be verified. It's not obvious fraud or easy to see ID theft, but you rightfully have a concern none-the-less.
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Maybe Jon is just nervous about the whole process. He may be saying to himself, "This purchase is a lot of money I have to borrow." Possible? Absolutely!
However, with the ability to generate Out of Wallet questions for this consumer, there's a good solution to help alleviate some of the concerns. You choose to generate questions to confirm Jon is who he says he is. Jon answers the questions and scores high enough to pass. Everything's okay now, right? Let's do the deal!
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However, there are additional verification solutions CBC can provide to assist in this process. Synthetic ID detection or driver's license and ID authentication, just to name a few. Learn more about eVerifyID here...
Read More
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Here is another fraud scenario...
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What if you've never met Jon?
Say it's a remote vehicle delivery with a contracted driver or your solar install crew arriving at Jon's house at 6:30 AM for example.
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Additional ID verification's are a must have for these remote and touch-less transactions. And as we all know, these types of transactions are becoming the new normal.
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Click the read more link to find extensive information on the Red Flag Program Clarification Act of 2010. Read more to find one of many websites on the topic.
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WOW! That's a lot of information.
So I know I need to protect my business from these bad guys, but how?
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What if there was an additional way to confirm Jon is who he says he is and has NOT stolen someone's identity or created a synthetic identity.
What if you could capture, authenticate, and store applicant information without ever coming face-to-face with the applicant and never physically handle the applicant’s ID or driver’s license?
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IT'S HERE!
Learn more about CBC's ground breaking eVerifyID.
Learn More Here
Or call us now at 800-448-0183
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Disclaimer: Out of Wallet questions remain one of the best tools available to lenders, dealers, and other industries, to verify a persons identity. CBC does not provide legal or business advice. CBC provides industry leading products to assist your businesses best practices and Red Flags Rules.
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