Connect with us

Internet

How Remote Online Notarization Helps Prevent Fraud?

Remote online notarization allows the parties involved in a transaction to put a signature to the document without meeting one-on-one with the notary.

mm

Published

on

Remote Online Notarization Helps Prevent Fraud

Technology has made the world a global village. It has also led to high anonymity and interconnection that require a system that reinforces accountability, integrity, honesty, and trust. That also goes for business transactions that require verification of the parties’ identity in a deal.

A notary of a third party confirms the identity of a signer, indicated by the notary’s “Seal of Approval.” This seal is a sign that the transaction took place in the concert of a witness [the notary], and the signer was fully aware of the contents in the documents and signed it willingly.

1. The Role of Technology in Digital Notary

Fraudsters and unscrupulous traders have continued to fashion various ways of forging signatures and critical forms of identifications. Their methods are so advanced that the traditional, paper-based notarization cannot pick up fraud.

The introduction of technological tools in the notarial act has eliminated fraud as they offer a more reliable means of authentication. There are several modern ways of online notarization, including credential analysis, knowledge-based authentication, and e-signatures.

How Remote Online Notarization Helps Prevent Fraud

At the helm of it, all are remote notarization platforms that provide notaries with the necessary tools that ensure they carry out their traditional role efficiently, at an age when their industry is operated technologically.

2. Understanding Remote Online Notarization (RON)

People seek notary services from their local financial institutions, title companies, and small business services. Unfortunately, most of these may not provide the critical services required, making it challenging to find a notary suitable to your needs.

Remote online notarization allows the parties involved in a transaction to put a signature to the document without meeting one-on-one with the notary. Therefore, the signer will have to put an e-signature to it. S/he will then appear before a chosen electrical notary board virtually via video conferencing.

Remote online notarization is often confused with electronic notarization. Usually, the latter requires the notary to bring along their laptop for the signer to sign the document electronically. The distinction between the two is that RON requires no physical signing meeting, while electronic notarization requires a face-to-face meeting.

3. How Remote Online Notarization Can Prevent Fraud

a. Credential Analysis

Before introducing IDs, identity verification could only be done by a third-party who knew the signer well or the notary itself. While IDs brought an improved means of verifying a person’s identity, people mastered the art of forging them. Today, people have gone to the extent of using another individual’s ID to generate title deed documents and signatures. The need for a bolstered authentication system led to the use of notary technological tools.

Remote Online Notarization

Before signing any transaction documents, the signer will have to take a photo of their identity card’s front and backside using their smartphone or laptop camera. Once they submit the picture, their details are analyzed by software to authenticate their identity.

b. Knowledge-Based Authentication

Following the successful scanning of a signer’s ID card, the next process involves knowledge-based authentication. This tests their knowledge of specific personal details like date of birth, name, and the last four digits of their US social security number.

Knowledge-based authentication works under the principle that it is virtually impossible to steal an individual’s knowledge or past experiences. Notaries use two types of KBA:

  • Static KBA
  • Dynamic KBA

Most online users are familiar with static KBA questions, which require them to answer based on their past personal experiences. For instance: What’s the name of your pet? Which neighborhood did you grow up in?

How Remote Online Notarization Can Prevent Fraud

The only downside with static KBA is that people share their personal stories and experiences on Facebook and Gmail, which exposes their data to hackers. That makes you vulnerable to online fraud.

Dynamic KBA is a more secure authentication technique, and that’s what most reputable notaries use. With dynamic notaries, the questions to be answered are compiled from different third-party databases containing public information to offer queries with a range of possible answers.

For example, instead of asking you which street you grew on, Dynamic KBA will ask: “Which one among these streets were you not brought up on? When faced with such a question, a hacker will be quite puzzled to choose the correct answer because the available choices can all be right.

c. A Trustworthy Security Infrastructure

Security and privacy are one of the two things that businesses and individuals hold in high regard. Both need assurance that their critical data is secured from malicious online practices. According to surveillance by the Identity Theft Resource Center, there was a total of 1,579 data breaches in 2017, including 14.2 million credit card theft and 158 million social security number breaches.

The only problem is that no matter how diligently you vet the people or agencies with access to your personal information, it becomes challenging to limit who can access the information. Most companies are left with no other choice but to rely on third-party contractors who use their personally identifiable information (PII) to bolster the notary platform’s efficiency.

It would be best to partner with a vendor committed to offering information security to their clients and clients’ customers. Companies that adhere to SOC2 policies make a name for themselves as reputable brands as secure businesses with robust engineering processes to safeguard critical personal data. It’s what most globally-renowned software companies use.

Notary Videos for Enhanced Safety

d. Notary Videos for Enhanced Safety

Most people only focus on the fact that notaries are there to ensure that the signer acted on their free will. What most people don’t consider are the conditions under which the notary out their Seal of Approval.

The advantage of remote online notarization is that the system relies on video-audio communications that allow the parties to communicate from different, secure locations. That said, the notary has the best conditions to act on the matter independently, without any external influence or pressure.

Usually, the transactions are recorded on video for quality and legal purposes. That ensures consistency in the standard notarial procedures while protecting the signer and the notary from fraud.

In this digital era, hackers are always on the prowl for vulnerable individuals and companies by phishing their critical and personal data. Notary public industry [including real estate, title, and banking] is one of the most affected by cybercrime. While electronic notaries haven’t prevented fraud, remote online notarization has secured any loopholes that may provide hackers with the chance to steal someone else’s identity.

We are an Instructor, Modern Full Stack Web Application Developers, Freelancers, Tech Bloggers, and Technical SEO Experts. We deliver a rich set of software applications for your business needs.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cloud Computing

Leveraging Cloud Technology for Better Data Protection

This is where cloud technology swoops in like a knight in shining armor, offering innovative ways to safeguard our precious data.

mm

Published

on

Leveraging Cloud Technology for Better Data Protection

We’re quickly discovering that data is the new gold. But as valuable as it is, it’s equally vulnerable to a myriad of threats lurking throughout the internet. This is where cloud technology swoops in like a knight in shining armor, offering innovative ways to safeguard our precious data. Let’s embark on a journey to explore how leveraging cloud technology can shield your data more effectively than ever before.

1. Advanced Threat Detection Systems

Cloud platforms employ sophisticated threat detection systems that monitor suspicious activities in real-time. These systems use advanced algorithms and artificial intelligence to identify and mitigate threats before they can cause harm. It’s akin to having a digital watchdog that’s always on the lookout for danger.

In an ever-evolving digital landscape, ensuring the protection and quick recovery of vital data is paramount. Technology partnerships have furnished the market with effective solutions for this purpose. One notable collaboration focuses on providing managed service providers with essential tools and services to safeguard their operations. By exploring specific solutions such as Datto, businesses have the opportunity to enhance their data protection strategies on flexible terms, further strengthening their defense against data loss.

2. Understanding the Cloud’s Security Blanket

At its core, cloud computing utilizes a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or personal computer. But it’s not just about storage efficiency; it’s about security. The cloud’s architecture inherently includes multiple layers of security protocols and complex algorithms designed to protect data.

3. The Encryption Advantage

One of the standout features of cloud technology is encryption. This is the process of converting information into a code to prevent unauthorized access. Think of it as translating your data into a secret language that only those with the ‘key’ can understand. This significantly adds a layer of security to your data, both at rest and in transit.

4. Global Compliance Standards

Adhering to global data protection regulations can be a herculean task. Cloud service providers, however, make this easier by ensuring their platforms comply with rigorous international standards. This not only aids in protecting your data but also keeps you on the right side of the law.

Do you need WORM-compliant storage

5. Empowering Businesses to Take Control

Beyond these built-in security features, cloud technology also empowers businesses and individuals to implement additional security measures. With tools for access management, you can control who has access to your data and to what extent, further minimizing the risk of breaches.

6. Continuous Security Updates

The digital threat landscape is constantly evolving, with new vulnerabilities discovered almost daily. Cloud service providers invest heavily in security research and continuously update their systems to guard against the latest threats. This means that your data is protected by the most current security measures without you having to lift a finger.

7. Scalability As a Protective Measure

As businesses grow, so do their data protection needs. Cloud technology scales seamlessly to meet these changing demands without compromising security. Whether it’s expanding storage, scaling security measures, or integrating new services, the cloud adapts to protect your data through every phase of growth.

8. The Eco-friendly Aspect of Cloud Security

Beyond its technical benefits, cloud computing also offers an eco-friendly approach to digital security. Energy-efficient data centers and reduced hardware needs not only make cloud technology a sustainable choice but also contribute to a company’s green credentials, aligning data protection efforts with environmental sustainability.

9. Data Redundancy: The Unsung Hero

Data redundancy is another critical aspect of cloud technology, where your data is replicated in multiple secure locations. This means that even in the event of a data center disaster, your data remains safe and can be quickly restored. It’s the ultimate backup plan, ensuring that your data’s safety is never compromised.

10. Personalized Security Strategies

The adaptability of cloud services allows for customized security strategies tailored to specific business needs and threats. This means businesses are not just depending on generic protections but can fortify their data according to its unique vulnerabilities and value.

Conclusion

As we’ve voyaged through the realm of cloud technology, it’s clear that its impact on data protection is profound. With its multi-layered security measures, continuous updates, and advanced detection systems, the cloud offers a robust shield against the ever-growing threats to data security. By harnessing the power of the cloud, we can look towards a future where our digital treasures are guarded more effectively than ever before. So, let the cloud be your fortress in this digital age, protecting your data with vigilance and prowess.

Continue Reading
CYBER SECURITY Business technology Antivirus Alert Protection Security and Cyber Security Firewall Cybersecurity and information technology
Cybersecurity1 day ago

Harnessing AI for Proactive Threat Detection and Response

Key Strategies for Successful Digital Transformation
Business1 week ago

Key Strategies for Successful Digital Transformation

High ROI influencer benefits for brands
Marketing1 month ago

Where to Find Influencers for High ROI Marketing Strategies and Why It Matters

Leveraging Cloud Technology for Better Data Protection
Cloud Computing1 month ago

Leveraging Cloud Technology for Better Data Protection

Do you need WORM-compliant storage
Computer Network2 months ago

7 More Secure Gmail Alternatives

How does WORM storage work
Artificial Intelligence (AI)2 months ago

WORM-Compliant Storage: Exploring Write Once Read Many (WORM) Functionality

The Rise of Trail Cameras
Gadgets2 months ago

Trail Cam Tactics: Using Technology to Scout Hunting Spots

Internet2 months ago

Mastering the Art of Task Automation in the Modern Office

5 Innovative Ways Point-of-Care Diagnostic Devices Revolutionize Healthcare Efficiency
Health & Fitness2 months ago

5 Innovative Ways Point-of-Care Diagnostic Devices Revolutionize Healthcare Efficiency

Leveraging Technology In Portable Office Setups For Enhanced Productivity
Technology2 months ago

Leveraging Technology In Portable Office Setups For Enhanced Productivity

Trending