Identity Verification And Its Importance To The Real Estate World
In the field of real estate, identity fraud is one common problem. Even financial institutions are having pressure to adhere to the mandates regarding the prevention of identity fraud and money laundering. They must follow without compromising the quality of their customer service as well as reaching the objectives of the business. However, the mandates can also provide opportunities to save and increase money. When real estates and any businesses, adhere to the proper process of identity verification, they would surely gain the benefits when it is about the customer service and employee productivity.
Identity verification is the process of using the claimed attributes of the individuals to confirm who the individual is.
Identity verification is vital in real estate when it is about forming new relationship. The true identity verification is finding out the reality of the possible customers through screening the data in different sources and analyzing the information gathered to know if the relationship should be started. This will allow the agent to fully know the customers. Identity verification can determine the success or failure of the real estate business.
The increase number of people who acquire property or house made the role of financial institution valued. It should be understood by the customers that security is a must when doing business in any institution for the benefit of the public too. There is a danger for banks when it comes to monetary loss. When terrorists open an account, this could also damage the reputation of the financial institutions. When this happens, there could be a lost of confidence, customers, sales, and revenue to the institution. It is difficult to recover not to mention that the process is costly. There could be a penalty for those who do not comply with the mandates.
Customers are protected because any business or institution should prevent identity fraud. The first step to this is through identity verification in order to reduce the opportunity for fraud. This will stop the bad people from opening an account and reduce the burden of the bank. If identity verification is part of defensive measure, knowing your customers can greatly help to reduce the risk. Hence, identity fraud can be avoided.
The law is the guide in reviewing the policies of the financial institution for the analysis of the risk. When the risk is analyzed, the law will be the guide and also when reviewing the policies of the institution. The frontline workers should do the research about the information of their customers from various sources as soon as possible.
Lastly, this will improve customer service. The financial institution should protect the identity of their customers through identity verification process. In this manner, positive experiences will be made. This will provide protection to the customers and financial institution.