Closinglock, a well-known company that helps the real estate industry stop fraud, has just released a new and innovative identity verification solution to help title agents and real estate firms fight the rising rates of fraud.
One type of fraud that is becoming more common is seller impersonation theft. This is a big problem. Identity theft is used in this kind of trickery to illegally sell empty land, second homes, holiday homes, and rental properties all over the country.
Closinglock’s newest answer has the ability to find fake driver’s licenses, which is the most common way that fraudsters pull off “seller impersonation” scams.
This new approach is much better than old ones, like knowledge-based authentication (KBA), which are based on what you know. The National Institute of Standards and Technology (NIST) points out the risks of KBA by saying that enemies can easily figure out the answers to many KBA questions, which makes it easy for bad people to use.
Dr. Andy White, CEO and Co-founder of Closinglock, said that tailored spoofing, artificial intelligence (AI), and web and social media scraping are making KBA obsolete in the digital market. He said, “Our team has come up with a way to use modern technologies to quickly and easily confirm identity.”
By following the NIST guidelines closely, Closinglock has put in place stricter steps to stop fraud. When compared to KBA, the new solution is more secure because it uses a variety of ways to confirm a user’s identity. Scammers who try to get around the verification process will find it much harder to do so with this multifaceted method.
White said, “We are sure that this cutting-edge solution will change the real estate business.” “It will protect our customers from fraud and make sure that their transactions are as safe and secure as possible.”
Closinglock’s dedication to fighting real estate fraud is clear in the way they create new solutions ahead of time. With their new identity verification system, the company hopes to make the real estate industry safer for both professionals and clients. This will keep fraudsters away and keep the integrity of deals in the real estate industry.
Citations:
National Institute of Standards and Technology (NIST), “ NIST Special Publication 800-63: Digital Identity Guidelines,” March 3, 2022. URL Reference: https://pages.nist.gov/800-63-FAQ/
