Closinglock, an Austin-based provider of fraud prevention solutions for the real estate industry, has introduced a new identity verification solution for real estate firms and title agencies.
The new solution includes the ability to identify fake driver’s licenses, which is the company cited as the most common method used by fraudsters in seller impersonation fraud. Closinglock stated the new solution was “a significant improvement over antiquated methods like knowledge-based authentication (KBA),” adding that the new offering uses multiple methods to verify a user’s identity, thus making it harder for a fraudster to sneak past the verification process.
“As KBA is obsoleted in this new digital market due to targeted spoofing, AI, and web and social media scraping, our team engineered a solution that quickly and easily verifies identity using modern technologies,” said Closinglock CEO and Co-founder Andy White. “We believe that this new solution is a game-changer for the real estate industry. It will help to protect our customers from fraud and ensure that their transactions are safe and secure.”
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