Getting to ‘know your customer’ in new ways promotes trust and prevents fraud

IDology’s flexible quiz product taps deeper insights for online ID verification.

By now, most folks who do any banking online have seen warning after warning—often from their financial institution—not to divulge personally identifiable information online (looking at you, Facebook “Answer these 10 questions” quizzes). So, shouldn’t people applying for accounts or products via your web branch hesitate if the application system prompts them to confirm data about previous loans, credit cards, former addresses and the like?

These mini-quizzes serve a critical function: exposing thieves who’ve stolen your identity but don’t have access to key information that generally isn’t publicly available. But they can have a couple of significant side effects:

  • Each additional step in an online application process makes it more likely that applicants will drop off.
  • Questions related to your credit history may look to consumers like an attempt at identity theft rather than identity verification.

 

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