Alliant National Title Insurance, with the help of software company Finigree, has developed a identity verification solution dubbed SecureMyTransaction.
“Navigating the complexities of our industry is indeed challenging, and it humbles me when independent agents confide in our team, sharing their concerns and ideas,” Alliant National President and CEO David Sinclair wrote on the company’s blog. “One recurring issue you’ve brought to light centers around identity verification and the inherent risks involved in this key element of the transaction.
“SecureMyTransaction is designed to equip you with the information you need about both buyers and sellers to advance your transactions with confidence.”
The technology applies a multi-factor identity verification process that cross-checks mobile device ownership and location, credit bureau information, bank account validation and ownership, payoff and proceeds verification, knowledge-based authentication, FinCEN and OFAC searches, along with Alliant National Underwriting Alerts.
According to Alliant National, the solution will help protect against impersonation fraud, vacant property fraud, as well as deed and document forgeries.
“Scams like these can have profound consequences, including financial loss, reputational harm and regulatory sanctions,” Sinclair wrote. “SecureMyTransaction is thoughtfully designed to help you mitigate these risks.”
This solution is initially being offered to Alliant National agents nationwide.