Intellicheck powers identity verification tools for real estate transactions

Westcor Land Title Insurance Company has released val-ID, an identity verification tool powered by Intellicheck. The tool aims to improve the security of real estate transactions for title agents by tackling the complexities associated with verifying the identities of borrowers and sellers. GridBase developed the infrastructure and design of the digital identity verification tool.

According to Westcor, val-ID can validate various forms of identification, including state-issued IDs, passports, and even IDs for international transactions. Users can undergo ID verification through multiple validation channels, such as mobile texting and live email hyperlinks, the company explains.

Westcor says that the system enables title agents to monitor the status of ID verifications in real-time. In addition to preventing fraud, the identity verification tool is specifically designed to assist businesses in meeting regulatory standards. Westcor states that the tool can be integrated into existing business workflows, minimizing disruptions during implementation.

“The launch of val-ID is a testament to our dedication to enhancing security and streamlining operations in the title insurance industry. We are confident that this tool will be a game-changer for our agents, allowing them to perform their duties with greater confidence and efficiency,” says Scott Chandler, chief operating officer at Westcor Land Title Insurance Company.

In related news, Doma Title Insurance has partnered with Intellicheck for an identity validation tool to tackle real estate fraud, specifically seller impersonation. Intellicheck provides ID verification that can validate, analyze, match, and reduce risks associated with the identification credentials of parties involved in real estate transactions.

According to a study by actuarial firm Milliman, fraud and forgery claims constitute 21 percent of the total expenses incurred by title insurers due to claims. The Intellicheck web-based identity verification tool is being offered at no cost to independent title agents and approved attorneys handling Doma-insured transactions, the company says.

“We are proud to partner with Doma Title Insurance to deliver the highest level of security that assures peace of mind for title agents and their customers with Intellicheck’s industry-leading rapid, accurate identity verification technology that engages good customers with a seamless onboarding experience,” says Bryan Lewis, chief executive officer of Intellicheck.

Regarding implementation, title agents must input the file number and the proposed signer’s cell phone number into Intellicheck’s platform. The signer will then receive a text message asking them to take a photo of their DMV-issued ID, scan the barcode, and capture a face selfie. The verification tool will then authenticate the ID and confirm the owner’s identity.

Article Topics

biometrics  |  fraud prevention  |  identity verification  |  Intellicheck  |  real estate  |  selfie biometrics