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Verid Debuts Enhanced Identity Fraud Security Features

May 22nd, 2006

Verid, the provider of identity verification and Knowledge Based Authentication, has announced version 5.7, a major release of its KBA service with numerous new capabilities and enhancements to improve security, speed, accuracy and convenience during the consumer authentication process.

“We continue to lead in the innovation of technologies and processes to help businesses authenticate new customers where no prior relationship existed,” said Kevin Watson, CEO of Verid. “Our clients are continually expanding the use of our service within their enterprise and are layering KBA with other authentication methodologies. This latest release furthers our ability to quickly and accurately establish or re-establish identity in a consumer friendly and secure manner throughout the enterprise.”

Version 5.7 introduces a variety of new capabilities including sequential questioning, an innovative new technique that intelligently guides the consumer through a question and answer process during authentication. “Our new sequential process and updated scoring algorithms are a departure from traditional KBA question and answer methods. From a security perspective, we believe our new process is a dramatic improvement and will be the method of choice for our online customers,” said Watson. “From a market leadership perspective, the 5.7 release once again sets the standard in KBA technology just as competing services are announcing features that Verid delivered in 2003.”

Verid´s clients, which include top financial institutions, wireless telecom providers, leading payment processors and retailers, previewed the 5.7 release at the company´s user conference in March. “Our clients shared significant insight into their overall authentication strategies and best practices of implementing KBA,” said Watson. “We had the opportunity to present our product roadmap and demonstrate the first implementation of our adaptive behavior which is included in 5.7 but will become more prevalent with our 6.0 release in the third quarter. We received such a positive reaction from this forum that we have decided to expand the event in 2007.”

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