LexisNexis® Risk Solutions today announced the acquisition of RSA Security's consumer Knowledge Based Authentication (KBA) technology to drive further innovation in LexisNexis' identity proofing solutions and strengthen its leadership position in the identity management and fraud sector.
"This investment demonstrates our commitment to provide and continuously improve our capabilities in identity management to help our customers make the right decisions and fight fraud, while protecting their customers from identity theft," said Dennis Becker, Vice President, Identity Management, LexisNexis Risk Solutions.
More than 369,000 identity theft complaints were filed with the Federal Trade Commission in 2012 a figure that has increased 32 percent since 2011 according to the Consumer Sentinel Network (CSN)1. To combat this growing problem, financial institutions, retail organizations and government agencies need identity management solutions to verify and authenticate identities while conducting face-to-face and customer-not-present transactions. This allows organizations to mitigate the risk of fraud and comply with certain rules and regulations.
The consumer KBA acquisition will allow LexisNexis to further extend its leadership position in the identity management and fraud sector. InstantID® Q&A, LexisNexis' flagship identity management product, uses public records and other data sources to create a quiz in real time and authenticate a user's identity. This added level of security helps institutions reduce fraud costs and improve customer relationships.
InstantID Q&A is endorsed by the American Bankers Association and used by more than 200 organizations worldwide.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (lexisnexis.com/risk) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading global provider of professional information solutions across a number of sectors.
Our identity management solutions assist organizations with preventing financial crime, achieving regulatory compliance, mitigating business risk, improving operational efficiencies and enhancing profitability.
1 Consumer Sentinel Network Data Book January December 2012