Notarize Unveils Product to Aid Digital Identity Verification
June 27, 2023
Notarize launched a new company brand and product to help facilitate digital identity verification.
Proof is a platform that secures any type of digital agreement whether it requires a basic signature or a notarization. It maintains all the core components of an online notarization, including signer details, video interaction with a notary, tamper-proof signatures, comprehensive audit trail, and a record of the credential and biometric used for the transaction. With Proof, the same core technology will be used to secure all signatures and customer interactions, not just a notarization.
While electronic signatures have created a new convenience, they have introduced a new set of challenges with digital forgery. FINRA has issued a regulatory notice to remind financial institutions of their obligation to prevent forgery even with use of digital signatures. In 2022, according to FTC data, there were over 1.1 million reports of identity theft, with imposter scams the most reported fraud. These scams cost victims $8.8 billion, an increase of more than 30% over the previous year.
“Every business regardless of size has had to move online to fully service their customers. Although they’ve been able to successfully complete transactions, the infrastructure to ensure those transactions are bulletproof just isn’t there,” said Pat Kinsel, founder and CEO of Notarize. “With the introduction of Proof, we are delivering that instant trust with a technology that indisputably locks a signer’s identity with a particular transaction, shutting down digital fraud before it happens.”
Proof combines capabilities that produce auditable identification with cryptographic evidence:
- Smart platform: A platform that understands state/federal laws, regulatory requirements and industry standards to ensure any type of agreement can be signed legally and is accepted.
- NIST IAL2 verification: Identity verification that will be certified for NIST IAL2 security. An auditable identification process that verifies ID documents alongside a biometric that can be escalated for a human to review when trust is at risk.
- Enhanced signer identification: Proof provides evidence about the identity, not just the transaction. It includes data about the identification history, location, IP address and device fingerprint.
- Notarize Network: The network of notaries provide human review when a NIST IAL2 process requires it.
- Tamper-proof signatures: Agreements that are cryptographically signed so that signatures are self-verifying and cannot be altered.
“At First American our customers trust us to facilitate and protect what is often the largest transaction of their lives, buying and selling their home. That’s why we’re continually looking for ways to make the process of buying and selling real estate simple, transparent and secure,” said Paul Hurst, chief innovation officer at First American. “With Proof, First American gains enhanced identity validation for transaction participants, providing a new standard for trust and certainty in the signed documents we rely on to close real estate transactions.”
According to Notarize, the platform saves an average of 14 days per transaction and reduces the total cost to serve a notarization by 58% for more than 2,200 companies.
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