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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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Database

4 Ways to Reduce the Risk of Human Error When Entering Data

Data entry errors can cause significant problems for any business. Here are four ways to reduce the risk of human error when entering information into a system.

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4 Ways to Reduce the Risk of Human Error When Entering Data

Data entry is a vital part of many businesses, but it is also one of the most error-prone processes in any field. Human errors can lead to costly mistakes, negatively impacting business operations. That’s why it is essential to implement systems and procedures that reduce the risk of human errors during data entry processes. This article will discuss four strategies you can use to minimize the risk of human errors during data entry processes.

1. Utilizing Automation Tools

Automation tools are essential for minimizing the risks associated with manual data entry. Automated software and systems eliminate the potential for human error by automatically transferring data from one system to another without any manual input. These automated tools also reduce the amount of time spent on mundane tasks such as data entry, meaning that more time can be invested in higher-level tasks which require more input and analysis.

Automation tools are particularly useful for businesses with large volumes of data to process or complex datasets requiring numerous calculations. In addition, they allow users to access the same data from multiple applications and devices, meaning that data can be shared easily between different systems.

Furthermore, automation tools allow businesses to incorporate customization into their data processing. This means that users can tailor the system to their specific needs and set up automated notifications and alerts when specific system parameters have been met.

2. Verifying Data

It’s essential to verify all data before entering a system or database. You can do this manually by having someone review the data for accuracy or through automated systems that check the data against existing records. Verifying data ensures that only accurate information is entered into a system, thus reducing the risk of human error during data entry processes.

Once the data is verified, you can use it to create reports and insights. For example, if a company has sales data entered into a system with no errors, it can quickly generate detailed financial reports with accurate information. The same goes for any other type of data – verifying it beforehand ensures that the results are accurate and reliable.

In addition to accuracy, verifying data also helps protect against malicious data manipulation. By ensuring that all entries are correct, organizations can reduce the risk of fraudulent activities such as identity theft or financial fraud. Furthermore, verifying data helps maintain security standards across different systems and databases by providing an additional layer of protection against potential cyber-attacks.

Utilizing Automation Tools

3. Providing Training

Employees must be adequately trained to enter data into a system or database. Regular training sessions should cover the procedures and guidelines, as well as discuss best practices for entering data accurately and efficiently. This will reduce the chances of employees making mistakes when entering data into systems.

Furthermore, it is crucial to provide employees with ongoing training and support. This way, they can stay up-to-date with the latest developments in data entry techniques and ensure that their skills are not becoming outdated. Training should also include problem-solving scenarios so employees can practice their decision-making skills practically. Additionally, it is vital to provide feedback and reviews after training sessions for employees to know if they are following the correct procedures.

Other aspects of providing training that should be considered include the need for adequate resources, such as having a well-equipped computer room or access to appropriate software. It is also essential to ensure that all employees have the same level of understanding about data entry and databases so that everyone can contribute to the process.

4. Outsourcing

If manual data entry is necessary, it may be best to outsource the task. By outsourcing processes to professional data entry services, businesses can reduce their risk of human errors and ensure that accurate data is entered into their systems.

Outsourcing data entry can also offer cost savings for businesses. By utilizing a third-party data entry service, companies can avoid the expense of hiring additional staff or providing training to existing employees to do the work. In fact, statistics show that outsourcing data entry can reduce costs by up to 70%. Additionally, external data entry services can often complete work faster than in-house teams.

To outsource data entry properly, it is vital to ensure the service provider is reliable, experienced, and offers the right level of quality control. Companies should carefully research potential providers and select a partner that fits their needs. Once an outsourcing partner has been selected, businesses can test their services with small tasks to assess quality and accuracy.

Final Words

Data entry errors can have severe consequences for businesses, and taking steps to minimize the risk of human errors occurring during data entry processes is essential. These are all strategies that can help reduce the chances of mistakes being made during the data entry processes. Implementing these strategies can help ensure that your business’s information is accurate and up-to-date at all times.

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