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The real estate industry is changing. More legal professionals are making digital identity verification solutions part of their process, as awareness of the technology spreads.
When you ask your clients to submit identification cards and other personal information to complete a transaction, they’ll have questions about how the verification works, and how their personal data will be used. That’s why we created this resource to answer the most-asked questions about ID verification:
What is ID verification?
Digital ID verification solutions are tools that check the validity of government ID much faster and more accurately than a person can.
The technology doesn’t replace the identifying documents, it just confirms that they’re valid, up to date, and that the person holding them is who they say they are.
Why is digital ID verification necessary in person?
Canada has seen a historic rise in title fraud: criminals posing as property owners to take out mortgages on their properties, or even sell them to innocent buyers.
The real owner can’t sell their home or use their equity until they’ve restored their title (clear, marketable ownership of the property). Depending on where the property is located, the owner or the innocent buyer may be in for an expensive legal battle. In any case, restoring a stolen title can cost homeowners tens of thousands of dollars if they don’t have title insurance.
The best way to protect homeowners and buyers from title fraud is to prevent it before it happens. That’s why legal professionals carry out due diligence on every transaction, and why many choose to partner with fraud prevention experts, like FCT.
Preventing fraud means staying ahead of how criminals are innovating. Fraudsters are creating more and more sophisticated fake ID documents, able to pass on-camera and even in-person inspection. Combine that with the ease of identity theft, and you have fraudsters able to present seemingly legitimate client information.
Someone can sit across the table from you with the right phone number, bank account and photo ID, and still be an impostor. An ID verification tool is essential, even for in-person transactions.
Is Client ID Verification easy to use?
Client ID Verification from FCT lets legal professionals verify their clients’ identities quickly, easily and from anywhere. All the client needs is their smartphone and two pieces of government ID, like a driver’s licence or passport.
They download Bluink’s eID-Me app, take a selfie, and photos of both sides of their ID documents, then send them to the service provider. The provider completes the process in as soon as a few minutes, before informing the client and the legal professional that the identity has been verified.
Where are clients’ private data kept?
The information submitted to any digital ID verification solution is highly sensitive, which is why Client ID Verification was designed with customer experience, security and privacy as top priorities.
During the transaction, third party requests for client information are processed through the app, and only the client has control over who to share it with.
Once the client’s identity has been verified, their information is kept encrypted in a digital wallet on their mobile device, not a central server. They can then use it for faster access to other supported ID-enabled services for up to five years. Alternately, they’re free to delete their verified ID token from their device at any time.
Legal professionals can verify identities with confidence, and clients can keep their private data private. As title fraud evolves, the best way to prevent it is to evolve as well—learn how, with Client ID Verification from FCT.
Insurance by FCT Insurance Company Ltd. Services by First Canadian Title Company Limited. The services company does not provide insurance products. This material is intended to provide general information only. For specific coverage and exclusions, refer to the applicable policy. Copies are available upon request. Some products/services may vary by province. Prices and products/services offered are subject to change without notice.
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