Closinglock Unveils Identity Verification Solution
June 1, 2023
Closinglock launched a new identity verification solution that helps title agencies and real estate firms combat the growing amount of fraud.
Seller impersonation fraud is one such area of fraud that is on the rise. This type of fraud primarily involves identity theft to sell vacant land, second homes, and vacation and rental properties all across the country.
Closinglock’s latest solution includes the ability to identify fake driver's licenses, which is the most common method used by fraudsters in seller impersonation fraud.
This new solution is a significant improvement over antiquated methods like knowledge-based authentication (KBA). According to the National Institute of Standards and Technology (NIST), “the ease with which an attacker can discover the answers to many KBA questions … cause KBA to have an unacceptably high risk of successful use by an attacker.”
"As KBA is obsoleted in this new digital market due to targeted spoofing, AI, and web and social media scraping, our team engineered a solution that quickly and easily verifies identity using modern technologies," said Andy White, Closinglock’s CEO and co-founder.
Since Closinglock closely follows the NIST guidelines, it worked to utilize more stringent methods to fight fraud. Closinglock reported its solution is more secure than KBA because it uses a variety of methods to verify the identity of a user which makes it much more difficult for scammers to bypass the verification process.
“We believe that this new solution is a game-changer for the real estate industry,” White said. “It will help to protect our customers from fraud and ensure that their transactions are safe and secure.”
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