The real estate sector, with a market cap of $28,917.7 billion, encompasses diverse services such as development, appraisal, marketing, and property management. Unfortunately, this sector, rich in high-value transactions and extensive data, has become a prime target for identity thieves, with over 25% of all transactions reportedly involving some form of fraud. Authenticate® offers robust identity verification solutions tailored to mitigate these threats in this high-risk environment.

Securing the Real Estate Industry Against Identity Theft with Authenticate®

Real estate transactions involving significant financial sums and sensitive data are susceptible to various forms of identity fraud, including mortgage fraud and illegal property transfers. These criminal activities can lead to massive financial losses, damage to reputational integrity, and erosion of customer trust, which could precipitate stringent regulatory scrutiny and potentially harsher penalties.

How Authenticate® Shields Your Business Against Real Estate Fraud

The United States lost $56 billion to identity fraud, making the need for effective security solutions like Authenticate® even more critical​. Authenticate® enhances business security by rigorously verifying individual identities. The process checks crucial details such as full legal name, address, and Social Security Number against authoritative databases, ensuring the authenticity of each identity. Scores from 0 to 99 assess the reliability of data points like date of birth, enhancing trust in the verification process. Additionally, Authenticate® cross-references against vital records to confirm that individuals are not deceased, offering an extra layer of security. 

Authenticate® delivers cutting-edge, easy-to-integrate identity verification services through API and NO CODE solutions. Here's how Authenticate® shields your business:

1. Knowledge-Based Authentication

Authenticate® boosts real estate security with a personalized verification system that uses quizzes tailored to users' legal details and public records. This ensures that only verified individuals or their close contacts can authenticate identities, significantly reducing fraud risks.

2. SSN Verification

Authenticate® enhances business security by verifying Social Security Numbers (SSNs) against authoritative records, ensuring the SSN's validity and matching identity.

3. Financial Account Ownership

This cost-effective tool utilizes Mastercard's robust system for seamless identity checks through secure financial account logins, bolstering KYC and AML protocols. It confirms rightful account ownership, preventing identity theft and financial fraud, and integrates easily with existing systems for efficient operations.

4. Government ID Verification

Authenticate®'s advanced ID verification technology ensures the highest security by accurately validating one-sided and two-sided IDs. It supports over 6,500 types of Passports and IDs from 200 countries in 38 languages, utilizing instant forensic analysis for reliable identity confirmation. The process involves capturing a clear ID image, scanning it using OCR and barcode decoding, and issuing a confidence rating. For enhanced security, it is recommended to integrate Authoritative Database Checks with Government ID Verification.

5. Multi-factor Authentication

Multi-factor Authentication (MFA) by Authenticate® significantly enhances security by requiring multiple forms of identity verification, such as phone and email. When accessing a site, users must complete both phone and email verification: for phone verification, they receive and enter a code sent via SMS; for email verification, they input a code received in an email. This dual-layer verification system ensures higher protection against unauthorized access, safeguarding user data and business integrity by minimizing potential security breaches.

Putting it all together

With the rising threat of identity theft in real estate, a reliable verification system is crucial. Authenticate® provides an all-encompassing solution that defends against identity fraud and supports the secure expansion of businesses in the real estate sector. Enhance your security measures with Authenticate®'s identity verification tools and protect your transactions against fraud. Secure your real estate transactions against identity theft with Authenticate®, leveraging cutting-edge verification technology to protect your business and clients. With our enhanced Criminal Background Checks, you can further improve your business security and reduce the number of fraudulent users. 

To learn more about Authenticate®, check out our resources or contact us.