Wikiloan taps Idology for account verification
25 January 2010 | 1316 views | 0
WikiLoan, Inc. (OTC Bulletin Board: WKLI), a financial social network today announced that IDology, Inc., an innovative provider of identity and age verification solutions is providing its ExpectID identity verification suite to streamline the online account sign up process and fight fraud.
"Before using IDology our identity verification process took up to 72 hours and email correspondence before allowing users to sign up. IDology's solution will allow us to automate the authentication process for new accounts in minutes instead of days, while keeping users on our website. As a result, we should be able to increase the conversion rate while keeping users interested and happy," said Edward C. DeFeudis, WikiLoan's Founder and President.
WikiLoan will use IDology's ExpectID IQ solution on the fully redesigned website that will be launched shortly. ExpectID IQ will present online member applicants with a brief set of multiple-choice questions that are dynamically generated in real-time. This knowledge-based authentication (KBA) quiz is designed to verify someone is who they say they are and doesn't require WikiLoan to have an established relationship with the consumer to verify their identity. As part of the verification process, IDology also searches multiple watch lists so that WikiLoan can comply with the USA Patriot Act.