Moving Beyond KBA: Goodbye Fraud, Friction, and Frustration
Blog post from Socure
Knowledge-based authentication (KBA), which verifies users through answers to personal questions, was once widely used in financial services but is increasingly viewed as inconvenient, unreliable, and vulnerable to fraud enabled by compromised personal information. NIST stated in 2017 that KBA questions do not provide an acceptable secret for digital authentication, while industry research indicates that financial institutions are reducing their reliance on the method. The passage promotes Socure Sigma Identity Fraud as a passive alternative that assesses identity risk during onboarding, logins, profile updates, and high-value transactions, aiming to reduce customer friction while improving fraud detection and approval rates. In a comparison with a major investment bank’s legacy KBA system, Socure reported identifying fraud among the riskiest 16% of completed KBA quizzes, suggesting that most users could be verified in the background while higher-risk cases receive document verification.
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