As we ease into the new year, it is a great time to pause (even if only for a moment!) and appreciate the incredible work we do together. The world of real estate is intensely demanding, but we have the unique opportunity to forge lasting connections with our clients, help guide them through a stressful process, and bring the joy of homeownership and independence to so many.
As closing attorneys, we deeply value your trust and partnership and the opportunity to work alongside you as an extension of your brand. Ensuring your clients are protected has always been a fundamental part of the closing process, and it is more important than ever today due to the increase in sophisticated real estate fraud.
The New Face of Real Estate Fraud
For several years, we have successfully partnered to combat seller impersonation fraud. Vulnerable properties – like vacant land or second homes – were often targeted in this scheme, with fraudsters attempting to control the closing process by using remote or unverified notaries. We adapted and found ways to protect transactions by taking control of the document witnessing process and educating you on how to spot the red flags, and our efforts have been successful.
However, the nature of fraud is constantly evolving. In the real estate industry today, it is no longer a question of if there will be fraud, but rather, will we identify it? The latest schemes have us up against significantly bolder fraudsters. They are now showing up in person with incredibly accurate fake IDs, complete with holograms and raised details. These fake sellers and borrowers are confident, bringing their convincing IDs to sign with a notary of our choosing, believing no additional deception is needed to walk away with funds.
Evolving Security Through CertifID Identities
Just as fraudsters evolve to learn new ways to interrupt our industry, we too evolve and implement new ways to protect our clients. The latest way we are enhancing our security is with CertifID Identities.
Our primary goal is always to strike the right balance between convenience and ease for your clients with the highest levels of security and protection. CertifID Identities allows us to quickly verify an individual’s identity in a matter of minutes, with almost no impact or disturbance to their day. Clients complete the process through their personal smartphone, and it involves two simple steps. First, the individual scans the front and back of their government-issued ID, whether it is a driver’s license, passport, or another valid form. Second, the individual takes a quick, live selfie.
Upon completion, we receive a report that provides a wealth of useful information. It immediately confirms if the information on the government ID matches what we have in our system. Crucially, it tells us whether the ID is truly valid by scanning the barcode on the back and running it through over 250 local and international databases, cutting the risk of missing a fake ID to essentially zero. Next, it confirms that the selfie is a live picture taken of a real person. And finally, CertifID runs a device check to ensure the phone is not a recently opened “burner” phone or geotagged at an unusual location.
This partnership is a powerful new tool in our shared effort to protect your clients’ biggest asset and their private information.
Important Reminder
CAMPBELL & BRANNON WILL NEVER EMAIL WIRING INSTRUCTIONS!
Wiring instructions are only provided via CertifID, and WILL NOT CHANGE.
Campbell & Brannon utilizes CertifID, a secure fraud prevention platform, to provide wiring instructions. CertifID validates account identities and credentials on all transactions to ensure a safe, secure transfer of funds.
If you or your buyer receives alternative wiring instructions or suspect you are a target of wire fraud, contact our office by phone immediately at a known number and speak directly with a member of our closing team.