Addressing market needs for stronger, risk-based user authentication, LexisNexis Risk Solutions today announced the availability of two new Multi-Factor Authentication (MFA) solutions to help financial services, health care, government, and retail organizations authenticate individuals who perform repeated high-risk, high-value transactions through remote channels, including the Web, mobile and voice.
Identify fraud is one of the fastest-growing crimes in the United States. According to Javelin Strategy and Research's annual Identity Fraud Report published in February 2012, total fraud was $18 billion in 2011.
"In today's high-risk environment, multiple forms of user authentication are a 'must-have' for any organization that relies on compliance and information security for effective operations," said Dennis Becker, vice president, corporate markets, LexisNexis. "Everything hinges on the true identity of the user; and if identities are not properly authenticated, then an enterprise has no assurance that access to resources and services is being properly controlled."
LexisNexis is bolstering its current suite of identity proofing and authentication solutions - Flex ID, Instant Authenticate, InstantID®, InstantID Q&A, Instant Verify, and TrueID® -- with additional authentication methods for repeated access, including one-time password and voice biometrics.
Adding to TrueID fingerprint biometrics, the new suite of MFA solutions include:
1) LexisNexis One Time Password (OTP), an authentication method that provides business and government organizations the ability to have stronger authentication during high-risk, high-value customer transactions. OTP sends offers an alphanumeric code that can be sent via SMS text, e-mail or phone on a device the user currently possesses.
2) LexisNexis Voice Biometrics, an advanced biometrics speaker verification system that verifies a speaker's identity based on their voice. This is an ideal tool for organizations that process high volumes, high risk transactions remotely or within call centers.
The new services will be available through LexisNexis IVR on Demand, which includes identity proofing and voice biometrics solutions via a hosted Integrated Voice Response (IVR) that can be easily and quickly integrated into a company's current workflow.