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's, 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 *

Internet

PRINCE2-Foundation Dumps [2021] – Say Goodbye to PRINCE2-Foundation Exam Failure

PRINCE2-Foundation Dumps [2021] – Say Goodbye to PRINCE2-Foundation Exam Failure. The Framework for Prince2 Methodology

mm

Published

on

PRINCE2-Foundation Dumps [2021] - Say Goodbye to PRINCE2-Foundation Exam Failure

What Is the Prince Methodology?

As previously said, PRINCE stands for Projects in Controlled Environments. The standard got its start in the United Kingdom, where the government decided to experiment with innovative project management methodologies at the state and academic level. The techniques quickly became well-known due to their positive outcomes.

AXELOS then hopped in somewhere in the way. They are the primary authority who “recognises” PRINCE2 certification in the United States, the United Kingdom, and other countries. It means that after you get your Prince2 credential, AXELOS’ accreditation will accept you everywhere in the world where a corporation is searching for Prince 2 experts.

1. The Framework for Prince2 Methodology:

Some refer to it as the PRINCE2 methodology’s seven golden rules. Regardless of terminology, the following are the main points that define the Prince2 framework:

2. A business case must be made for the project:

A reason must be present in the initiative, from the beginning to the end. This suggests a degree of transparency in place, with upper management expecting a return on investment. Similarly, uncertainties must be managed, and the gains must outweigh the drawbacks.

3. Responsibilities and Roles:

For things to work, this is an essential feature of the Prince2 technique. Crew participants must be conscious of their duties as well as their obligations. Otherwise, there would be setbacks, significant gaps, and a great deal of uncertainty at follow-up collaboration sessions.

Work is a Multistep Process: Because I’ve discussed Prince2 technique variables in a managed environment many times, work is a part of that theory as well. Whatever the number of assignments, they must all be completed in a linear order.

4. The Project Manager is Charged with More Responsibilities:

The Project Manager is Charged with More Responsibilities PRINCE2 Foundation

This is a typical situation, in my opinion, that a project manager is kept accountable for nearly everything over the project’s lifespan. A project manager must oversee the team by exception, according to Prince2 methodologies.

Usually, the board of directors, or whoever is in charge, decides the project’s schedule, expense, and other criteria. After that, everything is turned over to the project manager, who will be in charge of the project’s day-to-day operations. The board only gets interested if anything unexpected happens to the project, for example.

Controlled Focus: Teams using the Prince2 technique are required to keep their attention on fulfilling the criteria. Around the same time, a high level of consistency must be preserved.

5. Allow for a small amount of improvisation:

You don’t have to follow the Prince2 qualification and technique principles to the letter depending on the job situation. Adapt the approach to look at places where you can make a little change.

6. What do you know about Prince 2’s qualifications?

There are various degrees of certification for Prince2. When the Prince2 tests were first introduced, there were three standards of accreditation. The Prince2 Base course was the first, followed by the Prince2 Practitioner course, and eventually the Prince2 Technical system.

However, the Prince2 Professional designation is no longer valid. The test was cancelled after AXELOS and other regulatory bodies concluded that it was too complicated. Prince2 Professionals was the town’s talk in 2012 since the trial lasted many days and required the applicant to remain at the facility as a resident.

As a result, you need to worry about the following Prince2 Certification categories right now:

  • Prince2 Foundation: This is the most fundamental level, intended for candidates who have little or no previous knowledge of Prince2. Also, since there are no prerequisites, it is easiest to start and work your way up.
  • Prince2 Practitioner: Only a limited percentage of Prince2 Foundation credential specialists advance to this standard. Not only are there a few prerequisites for the practitioner rank, but the test is often more complex.
  • The Test For Prince 2 Is An Open Book:

Prince 2 certifications aren’t necessarily available to the public. The certification’s nature ultimately determines it. The Prince 2 Foundation course, on the other hand, is not an open book course. As a result, you won’t need to carry the textbook with you on exam day.

The good thing is that the Prince2 Manual contains all of the responses. Trust me, I’ve been there, and although finding the solution may take some time, it is still there. The issue with PM certifications is that the majority of the problems are unclear or convoluted. The answer may be in the manual in front of you, but it may be in a different format.

You will need to consider before marking your answers, particularly if the Prince2 exam questions are focused on a case study. If the exam is an open book, reading the Prince2 manual would be immensely helpful. What you have to do is look at the right spots!

The Prince2 Practitioner Certification Exam is not to be taken lightly!

The specialist test is more hands-on. Although you are not expected to remain at the testing centre, the exam would be difficult. They use a technique known as Objective Testing. It contains a large number of multiple-choice questions, with sub-answers for each case.

Your goal should be to demonstrate how you can adapt your skills in a variety of project-to-project scenarios.

7. Something Do I Do If I Fail the Prince2 Certification Exam?

You are not the first one to fail the Prince2 qualification test. Many individuals do not succeed on their first try. However, I would encourage you to take practise exams ahead of time to familiarise yourself with the content.

The only drawback of failing these certifications is that you will have to pay the test fee again. Second, even after you complete your Prince2 Foundation and Practitioner certifications, you will need to re-register every 2–3 years.

The rationale for re-registration is that AXELOS continues upgrading the exam modules with the most up-to-date industry methodologies. Your experience will be kept up to date in this manner. Since this is something like a refresher course, the tests are brief for those who are re-registering.

Continue Reading

Business

4 Ways Employees Compromise Security (And How You Can Solve Them)

Employee carelessness could lead to a data breach that can destroy your business. Read on to discover how workers can undermine your company’s security.

mm

Published

on

cybersecurity is essential to the global supply chain

Employees, in a perfect world, would have great cybersecurity habits. They will make sure never to place their company’s data or network at risk.

This isn’t a perfect world, though. Although office workers can be trustworthy and loyal, the lack of IT policies and occasional carelessness could cause a harmful data breach that can ruin your business reputation and shutter your company.

How can employees compromise your enterprise data security?

Here are four ways they can put your sensitive private and customer data at risk:

1. Insider Malice

No business manager or owner likes to think that their trusted business partners or the people on their team have it out for them. Sadly, a few bad apples can sometimes get past human resources or talent acquisition. The worst part is that malicious insider attacks are incredibly difficult to detect.

You can prevent or mitigate insider malice by getting to know the mind of your attacker. Put yourself in the shoes of a dissatisfied worker looking to take down their employer. You probably wouldn’t launch an attack while you’re using the company computer and still on the corporate payroll.

You would, however, be likely to launch a cyberattack a few days before or after your last day. If you still have your company e-mail and VPN login (and they still work), you could get into your ex-company’s servers from the comfort of your home.

Small Size Businesses Here is What You Need to Know About Cyber Security

As a business owner, you should take measures to prevent disgruntled and malicious employees from compromising your company’s IT and network infrastructure. Start by limiting privileged access to sensitive data, such as intellectual property, personally identifiable information and customer details. Then, immediately revoke the access rights of employees who resign or leave your company without notice.

Also, try getting cloud software that can back up and protect your data. You could, for instance, purchase and download an Office 365 e-mail backup solution to make sure that your e-mail data stays protected and is easily recoverable in the event of a cyberattack or a security threat.

2. The Use of Weak or Lazy Passwords

According to a report from PCMag, the top three common passwords for 2020 are picture1, 123456789 and 123456. These passwords are so laughably insecure that you’re practically rolling out the red carpet for hackers and other cybercriminals.

When you have employees adhering to poor password practices, you need to create and implement a strong password policy to prevent an enterprise data security disaster. Make sure your workers receive a notification to change their passwords every quarter. What’s more, the new password must adhere to the following requirements:

  • It shouldn’t match the previous passwords.
  • It must contain at least nine characters (the longer, the better).
  • It needs to include a combination of symbols, uppercase and lowercase letters and numbers.

Changing and memorizing a long, complex password can be highly inconvenient for some employees. One trick to creating this kind of password is to learn a sentence only you can identify.

Take this sentence as an example: “My best friend munches a batch of French fries.” Turn that into an acronym, and you’ve got: MbfmabofFf. You could turn the letter “o” into a zero, then add the birth date of your best friend (or whatever special number you feel like adding). Finally, start or end the password with a symbol.

3. Web Surfing

Office workers often use the company’s internet to surf the web during lunch breaks or downtime. If your tech staff doesn’t protect and configure your systems properly, employees may come across websites with malware, which can cause machines and other devices to become infected.

As a business owner or manager, you can restrict access to specific sites that your company or tech team determines as dangerous or inappropriate. Although this tactic works well for known and distinctive destinations, it may be time-consuming and complex to administer.

If you insist on this strategy, make sure to supplement it by securing systems with anti-spyware and anti-virus software. What’s more, train your employees on the value of staying careful on the web.

Small Size Businesses Cyber Security

4. Malicious E-mail and Phishing

Fraudulent e-mails can destroy your company’s IT and network security, as well as compromise your data. They may contain harmful attachments, codes or links that give cybercriminals access to devices and data.
You can stop these malicious e-mails from harming your business by educating your workers about recognizing suspicious e-mails.

A few of the red flags they should look for include the following:

  • Offers and promotions that are “too good to be true.”
  • Unwarranted technical or customer support
  • Popular companies with deceptive URLs and misspelt names, such as amaz0n3 (dot) com.
  • Unsolicited or suspicious downloads or attachments.

You hired your employees to help grow your business – not destroy it with poor cybersecurity practices. Implement strict IT policies and use the right tools that can protect your organization from criminals.

Continue Reading

Trending

Copyright © 2021 | All Rights Reserved by TwinzTech