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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.

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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.

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Internet

Can the UK Host Europe’s First Spaceport?

In the race to launch the first rocket from Europe, can the UK come out on top? With the plans for two new UK spaceports based in Scotland underway, these may present Great Britain’s best chance of success.

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Can the UK Host Europes First Spaceport

The United Kingdom can boast an enviable record of excellence with its contributions to science, engineering, and technology, especially in the field of aeronautics. Therefore, it’s surprising that Great Britain hasn’t yet achieved a vertical rocket launch from the country’s soil, despite the abundance of scientific expertise in its space industry.

Now, the United Kingdom is targeting 10% of the worldwide space industry by 2030, and its success in the endeavor is likely to hinge on the progress of two new UK spaceports.

1. Spaceport Development in the UK

Despite the difficulties posed by the coronavirus pandemic and the continuing fallout from Brexit, the UK is still aiming to build new spaceports on British soil very shortly. The government and space industry hope to boost British enterprise, provide a platform for the nation’s scientific talent, and secure considerable economic benefits.

UK science minister Amanda Solloway stated that the new UK spaceports would “cement the UK’s status as a global space superpower.” The UK already makes sizeable contributions to the global space industry with its technology exports. The annual UK satellite export market is valued at over $300 million, while more than £360 billion of broader UK economic activity is supported by satellite services.

Indeed, small satellite (smallsat) technology promises the most significant short-term growth for the space industry’s future. Many of Britain’s most innovative smallsat companies are located in Scotland, which, combined with the local geography, makes the UK’s northernmost part an ideal base of operations for developing the country’s space industry.

It’s no surprise, then, that Scotland has been chosen as the location for two different spaceports with two very different profiles. While plans for other UK spaceports in Wales and Cornwall are also in progress, if Britain launches Europe’s first vertical rocket, it will likely originate from one Scottish spaceport. Now, it continues to be discussed which will strike first: Space Hub Sutherland or the Shetland Space Centre.

2. Space Hub Sutherland vs. Shetland Space Centre

With a proposed site amidst the beautiful Scottish Highlands on the A’ Mhòine peninsula, the construction of Space Hub Sutherland is scheduled to begin soon, with an eye on launching rockets before the end of 2022. The spaceport will launch rockets carrying payloads of up to 500 kg, the first of which will be a rocket made by Orbex. Although based in Scotland, Orbex’s founders hail from Denmark and Germany, with most of Orbex’s employees working in Denmark rather than in the UK.

spacex Host Europes First Spaceport

This is not the only setback that Orbex and Sutherland Space Hub have had to weather. This is not the only setback that Orbex and Sutherland Space Hub have had to survive. Previously, the American aerospace giant Lockheed Martin had come aboard as a partner at Sutherland Space Hub. However, it seems the US company thought better of the decision, as they have now turned their efforts to the Shetland Space Centre instead.

The original design for the spaceport included two vertical launchpads to enable up to 30 launches every year. However, due to ecological restrictions, the spaceport has been limited to a single launch pad and a maximum of 12 launches every year. It is also unclear why Orbex would have sought a bailout loan despite having secured millions in investment for the project.

Other objections to the Sutherland spaceport have come from Danish billionaire and the richest man in Scotland, Holch Povlsen. The emigrant entrepreneur has cited environmental concerns that conflict with the work done by his Wildland firm, which aims to rewild the Scottish Highlands. However, it’s also worth noting that Povlsen has a £1.4 million stake in the competing Shetland Space Centre, which he argues has more potential for success.

Shetland Space Centre is also looking to be up and running with its first rocket launch by the end of 2022, from a site in Lamba Ness on Unst, one of the Shetland Islands. The plans boast three launchpads capable of launching payloads of up to 1,000 kg for up to 30 launches every year. Lockheed Martin is partnering with space technology firm ABL Space Systems for a series of maiden launches from the spaceport.

Although the project promises to contribute £5 million to the local economy, planning approval has yet to be granted. The preferred site will require the demolition of a Second World War radar facility, which Historic Environment Scotland has argued is too high a price to pay. Suggested suitable alternatives could easily be found elsewhere.

3. When Will UK Spaceports Be Operational

The coronavirus pandemic has caused mass disruption to almost every industry on Earth, and the commercial space sector is no different. That said, the global space industry continued to grow in 2020, which is perhaps a testament to the sector’s future-proof potential. Suppose the UK is serious about leveraging its space industry to acquire a share of this market.

In that case, UK spaceports will have to be constructed before long, especially if Great Britain wants to realize its ambitions of becoming the first European nation to play host to a vertical rocket launch. Meanwhile, on the continent, countries such as Germany, Sweden, France, Norway, and Portugal, are all working towards making their space industries sufficiently competitive to increase their global market shares.

What are the uses of satellites

  • Television
  • Telephones
  • Navigation
  • Space science
  • Weather
  • Environmental monitoring
  • Safety
  • Land stewardship

4. Conclusion: Healthy Competition

The UK spaceports planned for Scotland both face their own set of challenges. Neither the Shetland Space Centre nor Sutherland Space Hub will find themselves wanting for customers if one or both of them can demonstrate the capacity for successful vertical rocket launches. However, the presence of two different spaceports in Scotland can only help to improve Britain’s overall ability for commercial space launches that are likely to make the country an attractive proposition for future investment.

The global satellite market proliferates as more and more industries rely on satellite technology to stay competitive. If these UK spaceports can establish themselves as Europe’s premier launch facilities, both the spaceport developers and the broader British economy are sure to reap the benefits.

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