The notarization company ProofSM has launched an artificial intelligence (AI)-powered fraud detection tool. It’s called Defend.
Proof is a service mark of Notarize, a leader in remote online notarization.
Proof points to the $80+ billion in annual losses in the U.S. on account of identity theft, document manipulation, wire fraud, and forged signatures. The company says its new Defend tool is the first signature platform with AI-powered, active fraud detection.
How It Works
Defend uses thousands of data points from Proof itself, credit companies, public records, and other information sources. The idea is to empower offices to proceed with their work, knowing the people and legal documents are vetted, legitimate, and secure.
Defend is a paid feature, now available to customers on the Proof platform. It enables an office to:
- Spot attempted fraud in progress.
- Make prompt, decisive moves to accept or block a transaction.
- Set up automations for similar actions in future transactions to confront both known risks and those being created by forgers, hackers, and fraudsters.
The Defend tool scores each signing it handles. It spotlights specific risks (high, medium, low, or no factor). It examines signatures, identities, property transfers, mortgage agreements, and so on. It can detect fraud patterns, established or new. It can detect deepfakes, which themselves are produced by AI technology.
Who’s Impressed
To create the new feature, Proof worked with “several Fortune 100 customers” in real estate and other sectors. It’s collecting accolades along the way:
- Aaron Davis heads the Florida Agency Network. Davis has high praise for the Defend tool. Davis notes the new feature’s capacity “to ensure that we can protect our customers’ most precious assets with the documents we collect, get signed, and notarize at the closing.”
- Paul Hurst is chief innovation officer at the First American® title company. Hurst points out that paperless eSignatures have made title transfers convenient. But deed transactions depend on the security of the platforms to ensure the integrity of each electronic signature.
As Defend evolves to deal with emerging risks, it promises to reduce online security costs for financial companies. Fewer actions will need manual review. And customers will know their transaction has security safeguards.
The RON Backstory
The notary’s role is both traditional and essential. Notaries identify people as they sign critical papers. They witness signings, and prepare binding documents for the public records. And just a few years ago, notaries had to be visited in person. The world has changed.
Remote online notarization kept deed transfers moving after the initial shock of the Covid lockdowns. States offered RON as an emergency measure at first. But by late 2020, title companies became accustomed to remote transactions. Soon, most every state had adopted some type of RON. And interstate acceptance of remote notarization became customary.
The new process enables the witnessing of live signatures using audio-visual features instead of physical presence. It supports notarization and the safeguarding of records. In short, RON marks a major shift to online support systems for financial transactions.
Full Speed Ahead
Boston-based Notarize/Proof has dealt with hundreds of billions of dollars’ worth of deed transfers. Its Notarize Network includes thousands of approved notaries, available at a moment’s notice.
Today’s approved notary software makes notarization all the more convenient. And it makes an audit trail simple to keep. But there’s still a pressing need for safeguards against forgers and manipulators. The debut of Defend is just the latest example of how technology is moving, full speed ahead, enhancing safety in the modern world of deeds and deals.
Supporting References
Proof via Proof.com: Introducing Defend.
Lauren Hintz for Proof, via PRNewswire, from Cision PRWeb (Cision US Inc.): Proof Launches Defend, AI-Powered Active Detection Product to Prevent Fraud Losses in the Documents and Agreements Businesses Rely On (May 14, 2024).
Brooklee Han for HousingWire, from HW Media, LLC: Proof Announced Its New Fraud Detection Tool, Defend, to Combat Billions of Dollars in Fraud-Related Losses (May 15, 2024).
Deeds.com:Notaries Go Remote: A Digital Shift Is Changing Notary Language (Apr. 14, 2021).
And as linked.
More on topics: Remote online notarization law, Title pirates
Photo credit: U.S. Air Force photo in the public domain, via Picryl.