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Shufti Pro > Blogs > Fraud Prevention in Real Estate Industry
Current State of Affairs

Now-a-days, fraud detection software has become a necessity to deal with real estate frauds that are on the rise due to all the scam schemes devised by imposter customers. There are numerous ways in which real estate agencies could be trapped in the web of property frauds. The need for a secure system of transaction via KYC online verification, between the these agencies and their customers is quite essential. Sometimes the scam customers could seem overly eager to buy a property and might even suggest a payment method other than the usual method used by the agency. That method could be trackless (like payment with cash). At other times, they could share too much financial information over e-mail in order to bring the realtors under false pretence of trust. Also, there are scammers who are foreign and want to seal the deal in another land without even looking at the property; they might even ask to wire the money, which is hard to trace. These incidents have become quite common now-a-days. Hence, it is essential for an advanced system, like online identity verification to intervene in the customer-client interaction.

Importance to the Real Estate Industry & its Customers

Through secure identity verification service, Shufti Pro aims to keep its clients safe from making transactions with the fraudulent customers who can’t wait to get the property and their money and run away. These false buyers will definitely possess forged documents that will be caught through Shufti Pro’s 99% accurate ID checks online. This would safeguard the clients from buyers whose goal is to maintain anonymity (and hence they suggest untraceable ways of payment) because of the questionable activities they are involved in. These people mainly run under assumed identities. Shufti Pro can help identify these imposters so the clients don’t have to face considerable losses. It is always better to make payments through credit/debit cards since a wrong transaction can always be traced and reversed, unlike paper money. This kind of digital currency is always a plus point because the combination of Artificial and Human Intelligence in Shufti Pro, when integrated in the system, can detect counterfeit IDs. This makes the whole transaction secure and reliable so that clients’ facilitation is maximised.