WHAT IS KBA, AND WHY DOES OUR FIRM USE IT?

With the rise of modern technology, more businesses than ever are working with clients online instead of face to face. Tax accountants are not alone in their desire to offer their clients a few different options when it comes to how they access services online or even sign documents digitally.

Knowledge-Based Authentication, or KBA, helps businesses prove a client’s identity before granting them access to certain digital services. During the process, they must answer certain personal questions. These questions may be supplied by the user when setting up an account, or they may be generated from certain institutional information about the client.

It is commonly used for bank accounts, bill payments, credit card accounts, and more. This high-tech method of authentication brings peace of mind to both businesses and their clients, so they can work together in digital spaces. With KBA, information is heavily encrypted until the user identifies themselves by providing information that is private and exclusive to them. After a person’s identity has been confirmed, they have access to the service, documents or information.

At WT&A, we have integrated the use of KBA for all of our current year U.S. tax filings. Clients will not be able to access, review, and sign tax forms remotely until they can pass this low-cost security measure. Because of the high levels of fraud that takes place with income taxes, accurate identification verification of signatures is a critical part of good business management and protecting OUR clients.