LexisNexis and Verid have announced a strategic alliance to authenticate identity in phone and Internet transactions to help protect merchants and consumers from identity fraud.
The companies report the alliance also helps financial institutions with account opening procedures and with Section 326 of Patriot Act compliance efforts.
Verid provides knowledge-based identity verification services, offering a customizable solution for remote transactions where individuals are not present, such as Internet and telephone-based transactions. Verid's identity authentication technology will be incorporated into the LexisNexis RiskWise product suite, which helps customers authenticate identity, assess risk and detect fraud. The companies claim the Verid integration will permit RiskWise to screen individuals with a series of personal questions derived from diverse data sources to authenticate identity within seconds.