Westcor Land Title Insurance Company has launched val-ID, an identity verification tool powered by Intellicheck, to enhance security in real estate transactions. Val-ID validates various forms of identification through multiple verification channels and allows real-time monitoring of IDs. Doma Title Insurance has also partnered with Intellicheck to combat real estate fraud. The technology aims to streamline processes and ensure compliance, with no cost for independent agents involved in Doma-insured transactions.
Westcor Land Title Insurance Company has introduced val-ID, an advanced identity verification tool powered by Intellicheck, designed to enhance security in real estate transactions. By addressing the challenges of accurately verifying the identities of buyers and sellers, this tool aims to streamline processes for title agents. Built on a robust infrastructure developed by GridBase, val-ID is capable of validating various identification documents, including state-issued IDs and international passports. Users of val-ID can utilize multiple channels for verification, such as mobile text and live email links, facilitating a convenient verification process. Westcor highlights that the system enables title agents to monitor ID verification statuses in real-time, thus helping to mitigate fraud risks while ensuring compliance with regulatory standards. This tool can seamlessly integrate into existing workflows, thus minimizing operational disruptions. Scott Chandler, COO of Westcor, remarked, “The launch of val-ID is a testament to our dedication to enhancing security and streamlining operations in the title insurance industry. We are confident that this tool will be a game-changer for our agents, allowing them to perform their duties with greater confidence and efficiency.” In a related effort, Doma Title Insurance has collaborated with Intellicheck to implement an identity validation tool specifically targeting real estate fraud, particularly seller impersonation. This partnership allows Doma to leverage Intellicheck’s technology to validate identification credentials and reduce associated risks. A study by Milliman reveals that fraud and forgery claims account for 21% of expenses incurred by title insurers due to claims. The Intellicheck identity verification tool is offered at no cost to independent title agents and attorneys involved in Doma-insured transactions. Bryan Lewis, CEO of Intellicheck, stated, “We are proud to partner with Doma Title Insurance to deliver the highest level of security that assures peace of mind for title agents and their customers with Intellicheck’s industry-leading rapid, accurate identity verification technology that engages good customers with a seamless onboarding experience.” Title agents utilizing Intellicheck’s platform can easily initiate the verification process by inputting essential details like the file number and signer’s cell phone number. The signer then receives a text requesting a photo of their DMV-issued ID, a barcode scan, and a facial selfie for authentication.
The implementation of advanced identity verification tools in real estate transactions has become increasingly important due to rising concerns about fraud and identity theft. Title agents face significant challenges in verifying the identities of parties involved in transactions, complicating efforts to prevent fraud and comply with regulatory standards. Technologies like biometrics and mobile verification are now being utilized to enhance the security and efficiency of these processes. Intellicheck’s partnership with industry players aims to address these challenges by providing secure, real-time identity verification solutions tailored for the title insurance sector.
The introduction of identity verification tools like val-ID is a significant advancement in the real estate industry. By providing real-time monitoring and streamlining the verification process, these tools enhance security for title agents and help meet regulatory requirements. The collaboration between Westcor and Intellicheck reflects a growing emphasis on reducing the risk of fraud, which has become a major concern for the industry. The offering of these verification technologies at no cost to independent agents further underscores a commitment to improving overall transaction security.
Original Source: www.biometricupdate.com
