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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

How do collect and train data for speech projects?

Data collection is the process of gathering, analyzing, and, measuring accurate data from diverse systems to use for business process decision-making, speech projects, and research.

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How do collect and train data for speech projects

With technology evolution, we are moving towards machine learning systems that can understand what we say. In our daily lives, we all have encountered many virtual assistants like Alexa, Siri, and others. These virtual assistants often help us in tuning the lights of our homes, finding information on the internet, and even starting a video conference. But do you know how it does that?

To produce results, these virtual assistants use natural language processing to understand the user’s intent. Natural Language Processing technology enables virtual assistants to understand user intent and produce outcomes. Basically, these virtual assistants are applications of automatic speech recognition and are also known as speech recognition software. This software uses machine learning and NLP to analyze and convert human speech data into text.

But, attaining maximum efficiency of these software requires the collection of substantial speech and audio datasets. The purpose of collecting these audio datasets is to have enough sample recordings that can be fed into automatic speech recognition (ASR) software.

Furthermore, these datasets can be used against the speakers using unspecified speech recognition models. And to make ASR software work as intended, speech data collection and audio datasets must be conducted for all target demographics, locations, languages, dialects, and accents.

Artificial Intelligence can be as intelligent as the data given to it. Hence, collecting data for feeding the machine learning model is a must to maximize the effect of ASR. Let’s discuss steps in speech data collection for effective automatic speech recognition training.

1. Create a Demographic Matrix

For creating a demographic matrix, the enterprise must consider the following information like language, locations, ages, genders, and accents. Along with these, it is a must to note down a variety of information related to environments like busy streets, waiting rooms, offices, and homes. Enterprises can also consider the devices people are using like mobile phones, headsets, and a desktop.

2. Collect and transcribe speech data

To train the speech recognition model, gather speech samples from real humans and take the help of a human transcriptionist to take notes of long and short utterances by following your key demographic matrix. In this way, human is a vital and essential part of building proper audio datasets and labeled speech and further development of applications.

6 Reasons to Transcribe Audio to Text

3. Build a separate test data

Once the text subscription is completed, it’s time to pair the transcribed test with the corresponding audio data and segment them to include one statement in each. Later on, take the segmented pairs and extract a random 20% of the data to form a set for testing.

4. Train the language model

To maximize the effectiveness of the speech recognition model, you can train the language model by adding general additional text that was not additionally recorded. For example in canceling a subscription, you recorded one statement that ‘I want to cancel my subscription, but you can also add texts like “Can I cancel my subscription” or “I want to unsubscribe”. To make it more effective and catchy you can also add expressions and relevant jargon.

5. Measure and Iterate

The last and important step is to evaluate the output of automatic speech recognition software to benchmark its performance. In the next step take the trained model and measure how well it predicts the test set. In case of any gaps and errors, engage your machine learning model in the loop to yield the desired output. 

Conclusion

From travel, transportation, media, and entertainment, the use of speech recognition software is evident. We all have been using voice assistants like Alexa and Siri to complete some of our routine tasks. To effectively use this speech recognition software requires proper training in the audio datasets and the use of relevant data for the machine learning model.

Proper execution and the right use of data make sure the speech recognition software going to work efficiently and enterprises can scale them for further upgrades and development. As data and speech recognition go hand in hand, make sure you are using data with the right approach.

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