By: GreatAmerica on February 6th, 2024
How KBAs Work to Keep Your Information Safe
You’ve chosen your equipment and selected the monthly payment that works for you, so you’re ready to start your agreement! But wait, the digital document sent is requesting your personal information. But why?
Don’t worry, those questions are actually there for your security. Most digital financing agreements include questions about your personal information to safeguard your investments and ensure the primary source receives a validly executed agreement. These questions are called Knowledge-Based Authentication (KBA) questions. While they may seem unnecessary for purchase, they protect the rights of all parties in an agreement.
Let’s address some common questions you may have surrounding KBAs.
I received a document for signature via DocuSign®. Why am I being asked to answer KBA questions based on my personal information?
KBA is a security feature used when submitting an eSignature through DocuSign and requires the recipient to answer detailed questions about themselves. KBA uses an identity verification service from LexisNexis Risk Solutions that validates user identities in real time. The DocuSign platform gathers public data to generate a series of questions that only you should be able to answer as the feature is for your protection and ensures no one else signs on your behalf. Up to three wrong answers can be submitted, so you don’t have to worry about test anxiety keeping you from signing your agreement. There is an additional prompt to enter the last four of your social security number and date of birth, but both are optional.
Why are KBAs needed?
The agreement must be executed by the authorized signer. KBA questions provide the necessary signer verification and protects the financing company, such as GreatAmerica Financial Services, against things like fraud and ensures the correct parties have read and executed the agreement.
Where do KBA questions come from?
The questions are generated through publicly and commercially available data sources. LexisNexis makes KBAs possible through data analytics. Our KBA system is known as “dynamic”, and creates real-time questions based on data gathered from marketing databases, public records databases, etc. An example of one of these questions would be a list of four separate addresses asking you to identify which of the addresses you have previously been associated with.
What if I don’t feel comfortable answering KBA questions?
KBAs provide a safe, secure, and easy verification process for an authorized signer. If you do not feel comfortable answering the questions, you can put ink to paper and sign the agreement manually. If you choose this route, you will then need to be available for a short phone call from the financing company to verify that you, as the authorized signer, did sign the agreement.
KBA questions make the document signing process easier for all parties. You’ll be able to start your agreement earlier and ensure that your financial information is protected.
If you want to learn more about how our digital document process can help fund deals faster and make for a frictionless buying process, give us a call at 800-234-8787.
Expedite the credit application process with digital credit applications at GreatAmerica including CRM integrations, info-zone, via mobile app, or a custom website.
GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the U.S. and is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. GreatAmerica was established in Cedar Rapids, Iowa in 1992 and now has offices in Iowa, Georgia, Minnesota, and Illinois. In addition to financing, GreatAmerica offers innovative non-financial services to help our customers grow.