Real Estate Industry Kyc

Fraud Prevention in Real Estate Industry

Fraud prevention tools that include3rd-party KYC service providers are essential in the real estate industry to elaborate what we mean. Please imagine this: you’re living cosily in your house. You’ve had it for quite some time. You bought it using the money that you received in your inheritance. It has a decent market value and you’re fortunate to not have any mortgages or loans to pay. One day you get up and you go out to check your mail. There is a mail for you from a real estate company that you have never heard of. You open it up thinking it must be an ad or something, but it’s actually a letter addressed to you. As you read through it you get a serious expression on your face and your heart starts to race. You think this has to be some mistake or a misunderstanding. You call the real estate company and ask to speak to the person mentioned in the letter. You tell him your name and he tells you that you have missed out on your mortgage payment for the first month. You tell him that you never applied for any such mortgage on your property. He says you signed the agreements and everything. You tell him that you would like to meet up and he agrees and you go to the address mentioned on the letter. When you reach the place you ask the secretary to direct you to the person whom you spoke with. You enter in his office and the person sitting behind the desk inquires as to how he can help you? You tell him your name,  and tell him you spoke on the phone with him. He suddenly loses the smile on his face and with a serious look inquires if this is a joke. You tell him that you almost fainted when you saw the letter. He says the man he processed the mortgage for was younger and a totally different person. You show him your ID and then he is the one who looks like he is going to faint. You have just become a victim of title fraud, you wonder why didn’t the real estate company do any background checks.

Luckily you have title insurance, although you never thought it would be required…

Another reason for the checks is that the real estate industry is a very lucrative and high equity business. This fact is something that in itself attracts a lot of people to invest in it. Sometimes not all the investor are good. Some plan to launder their money for use in criminal activities or even terrorism. Hence, AML/CFT (Anti-money Laundering/Combating Finance of Terrorism) compliance is imperative.

Are KYC Service Providers the Ideal Fraud Prevention Tool?

The incident above is a plausible scenario and a KYC process including a thorough background check would’ve actually stopped this from happening in the first place. These days real estate agents and companies can hire third party KYC service providers to help with their verification needs. These 3rd-party services providers use advanced AI that not only simplifies the entire process but also makes it extremely fast. The SaaS software integrates with almost all systems. The AI uses the power of the Internet, a webcam or a smartphone camera to carry out its KYC procedure. Let us explain using the fraud scenario mentioned above. When a client comes in for a mortgage they are asked to fill in an online form. Once the form is filled the KYC provider SaaS software kicks in and informs the customer of the process and also that the session will be recorded. Then it asks the individual to face the camera or, if one is not available, sends a link on their smartphone so that they can use their selfie cam. The AI checks for anything that would alter their face or hide it, such as excessive makeup, a mask, or using of a picture instead of showing their live face. The system is advanced enough to account for facial hair, glasses, jewellery and hair cuts. After that the system asks the person to show their ID on the camera and asks them to focus on their picture, name, DOB, and number (if applicable). The AI then matches the picture with the face and checks for signs of tampering or forgery on the ID. During this time the AI also carries out a background check. It searches global watchlists for finding any mention of fraud, money laundering or any links with terrorist organisations; thus ensuring compliance with AML/CFT rules and regulations. If everything checks out  then the system gives the go-ahead for the processing of the mortgage request. All these properties make KYC service providers an effective and efficient fraud prevention tool.

What to Look for in a Good Fraud Protection Tool?

Not all KYC service providers are the same, so we’re mentioning somethings that will make it easy for you to search out a good fraud prevention tool.

The most important  point is to make sure that the company you are selecting is compliant with all rules and regulations in the industry as lack of compliance can result in heavy fines for the company as well as the real estate business. The other important factors is speed. As people get tend to pass on long and time consuming processes that are complicated. Keeping this issue in mind, most good companies do verifications in seconds and provide easy-to-follow instructions. The background checks the system carries out is done simultaneously so it is also processed within the same time frame.

Almost all KYC service providers offer advanced AI solutions, but the good ones offer an adder layer of verification which is done by HI (people). Once the AI gives a verdict it is verified by live people to ensure there are no false positives. The entire process is completed in less than a minute.

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Glodmint

GOLDMINT® turns towards Shufti Pro® for Investors’ Verification

 

The call for e-KYC, authenticating them, and securing their payment processes led to the Startup’s collaboration with the emerging expert in online identity verification milieu

BATH, UNITED KINGDOM, November 10, 2017 – Shufti Pro Limited®, the world’s rapidly growing company in the digital KYC sphere, announced today that GOLDMINT Ltd.®, a startup ICO expediting towards success, has decided to adopt their state-of-the-art online identity and document verification services for reduced on-boarding time and enhanced security.

GOLDMINT Ltd.® took up Shufti Pro Limited’s® services this month. Currently enjoying the secure payment processes, the startup venture gives its users an opportunity to buy tokens (GOLD) using Fiat money. With online identity verification services integrated in their transaction platforms, the customers develop a sense of safety, authority and trust about their host organisation.

Shufti Pro Limited® aids GOLDMINT Ltd.® in performing KYC online verification so the users are verified through their identity documents. This helps GOLDMINT Ltd.® validate their customers and prevent identity frauds. A user attempting to invest in the venture will have to show their face, followed by their identity document to the camera. If not stolen or counterfeit, their documents would be verified through this quick, real-time process. They are now able to stamp out scammers with Shufti Pro Limited’s® state-of-the-art ID checks online . It will streamline the customer on-boarding process, reducing its time by 90%.

CEO, Shufti Pro Limited® said:

It gives us great pleasure to be able to secure a part of online marketplace in our collaboration with GOLDMINT Ltd.®. Our ultimate goal is to support online businesses in enhancing their cyber defence strategies, eradicating or at least considerably reducing customers’ hesitation when it comes to submitting their sensitive information on such trading forums. We’re very glad to be in business with them and hope for this to turn into a thriving, long lasting and successful affiliation in the future.”

CEO, GOLDMINT Ltd.®, Dmitry Pluschevsky comments:

Cooperation with Shufti Pro will allow GoldMint to adhere to its main principle: to comply with the legislation of the country in which the company operates.We opened an office in Estonia (EU) to work with the demand for GOLD tokens in the euro area. Local legislation involves the verification of users (KYC) with a turnover of more than 1000 euros per month. Shufti Pro will provide such verification for GoldMint. This is important for our company as we are confident that the GOLD will generate considerable interest among many large buyers.

At the same time, user verification is another proof that blockchain technology can be used in legal and large businesses. We are sure that cooperation of GoldMint and Shufti Pro will contribute to the process of adaptation of new technology by traditional companies.”

This step would urge similar companies to opt for the best online fraud prevention tools and secure their online businesses by preventing huge chargebacks and losses to their venture. Shufti Pro Limited® helps GOLDMINT Ltd.® save time, resources and costs that would otherwise be an added burden on their budget, hence, maximising their profits and minimising frauds.

EPP payment Method

EPP System® partners with Shufti Pro® for Fraud Protection Services

 

Need for digital KYC has compelled one of the pioneers in the payment processing industry to join hands with Shufti Pro® for an improved credibility experience through their online identity verification services

BATH, United Kingdom – October 2017 – Shufti Pro®, the Software as a Service, has partnered with EPP System® to provide more authentic and seamless credit card fraud prevention services . They aim to verify new customers at every carrier level between bank-to-bank payment transfer. Banks provide a budget to the PSPs, which then equally distribute the budget between their many retailers. Those retailers then provide services to the merchants, completing the chain.

EPP System works to endow their customers with safe and secure monetary transactions between banks. They have opted Shufti Pro’s e-KYC services to integrate at each carrier level mentioned above. Every step will be separately checked for fraudulent consumers so no discrepancy occurs, disrupting the transfer processes.

CEO, Shufti Pro® said:

“Our goal is to provide Electronic Payment Services to our rather sizeable number of customers. Opting for Shufti Pro’s digital ID verification services has allowed us realise our aim in a secure, accurate and efficient manner. We’re extremely proud to present them with quick KYC online verification services so they can enjoy the fast and effective experience seamlessly.”

Shufti Pro aims to make the digital markets secure through ID checks online, so all high-risk transactions can be performed without the added apprehension of fraudsters and swindle connections. The rising star in the Mastercard theft protection and Visa card fraud prevention aims to get established as a symbol of the clients’ go-to service when in need. The successful integration of artificial and human intelligence has not only raised security protocols’ standards, rather have managed to attract more traffic to the SaaS owing to greater client satisfaction. Likely, Shufti Pro’s days in the sun have just begun now that they have EPP Systems as their on-board clients.