How digital identity verification can benefit the conveyancing industry

The conveyancing industry is evolving. In the past few years, there has been a shift away from paper-based processes to digital solutions. This shift has brought with it several benefits, including increased efficiency and reduced costs. One of the most important benefits of this shift to digital is the increased security and confidence that comes with reliable digital solutions.

In particular, digital identity verification (IDV) provides a number of advantages for conveyancers. IDV allows conveyancers to verify the identity of their clients quickly and easily. This helps to protect both conveyancers and their clients from fraud and other risks. In addition, IDV can help to speed up the conveyancing process by reducing the need for face-to-face meetings or waiting for documents to arrive in the post.

Digital identity verification is fast becoming an essential part of the conveyancing process. Adopting technology helps to protect against fraud, speed up the transaction process, and ultimately reduce both cost and stress. If you’re part of a conveyancing firm and not already using IDV, now is the time to start.

How Does Digital Identity Verification Work?

Digital identity verification comes in two main forms: using documents to verify someone’s identity, and using data that is publicly available or collated by specialist agencies.

Useful Data About Your Clients

By using data that is already publicly available about an individual, conveyancers can make informed decisions about the people they’re representing. This data includes things like social media profiles, electoral roll records, international sanctions and credit reference agency files. By using this data, conveyancers can be sure that the person they are dealing with is who they say they are.

There are different ways to verify someone’s identity electronically. The most common method is to use an electronic KYC check, such as Identitech’s KYC features, built into the client onboarding and due diligence process.

KYC software compares an individual’s data with that contained in databases held by credit reference agencies and other organisations. The results of these checks are then used to verify the individual’s identity and understand the level of risk they may pose to a firm or property transaction.

Proving the Identity of Your Clients

Another common method of digital identity verification is document authentication. This involves using facial recognition software to compare a photo on an ID document (such as a passport or driving licence) with a photo of the person being verified. This helps to ensure that the document has not been tampered with and that the person presenting it is who they say they are.

The most secure method of digital identity verification is biometric authentication. This uses technology already built into most mobile phones to help identify an individual. Biometric authentication works by sensing the movements and realness of an individual completing an identity check and is often used in conjunction with other methods, such as document authentication, to provide a more complete picture of someone’s identity.

What Are the Benefits of Digital Identity Verification?

There are many benefits of using digital identity verification in the conveyancing process. These benefits include:

  • Reduced risk of fraud: by verifying someone’s identity electronically, you can be sure that they are who they say they are
  • Improved efficiency: IDV can help to speed up the conveyancing process by reducing or eliminating the need for face-to-face meetings
  • Reduced costs: IDV can help to reduce the costs associated with conveyancing by eliminating the need for paper documents and postage
  • Improved customer service: digital identity checks provide a quicker and easier way for your clients to do business with you, which can be a huge boost to engagement rates
  • Peace of mind: knowing that you have verified your client’s identity can help you sleep better at night, rest assured that you’ve done everything you can to reduce risks and keep the regulators happy.