TechnologyTitle

Proof, Qualia introduce security features designed to combat fraud

Both firms announced upgrades to their security offerings this week

It was a big week on the cybersecurity front as remote online notarization (RON) firm Proof —formerly Notarize — and digital closing platform Qualia each launched new security features aimed at fraud prevention.

Proof’s new security feature is known as Identify, which the firm describes as a no-code solution to overcome falsified records, forged signatures and identity theft. 

“Proof’s Identify weeds out fraud well before the close of a transaction, and it eliminates friction for any downstream process by sharing identity information across multiple touchpoints,” Proof CEO Pat Kinsel said in a statement. “Our new tool is a big step forward in helping companies address the massive fraud problem without compromising the customer experience.”

According to the announcement released on Tuesday, real estate and mortgage firms can incorporate Identify throughout the consumer experience to verify or reconfirm a person’s identity for any information-sensitive transaction.

Proof notes that Identify can be incorporated into a customer workflow without a firm having to build out an integration. The RON company said Identify users can incorporate a QR code or send customers to Proof by inserting a unique hyperlink into an existing customer workflow.

Once a consumer goes through Identify, the business will receive a tamper-sealed identity report that documents all of the steps that were taken to verify a user’s identity, as well as all related information about that user. According to the announcement, this report can be used as evidence that a bank or title company performed identity verification before authorizing a transaction.

Qualia also announced its security upgrades on Tuesday, launching three new capabilities for its wire fraud prevention product known as Qualia Shield.

The new capabilities include identity verification for all transaction parties, wife fraud risk assessments and buyer education tools, which provide homebuyers with security tips for a safe closing.

”Wire fraud poses an enormous financial threat to the industry, and it happens every day. Our goal with Shield is to provide a fully integrated solution to help title & escrow companies mitigate their risk of falling victim to wire fraud, while providing their clients a great closing experience,” Charlotte Brown, vice president of product at Qualia, said in a statement. “The addition of identity verification for all parties is a continuation of our commitment to provide customers with the most advanced and reliable tools to safeguard their clients and their business.”

According to Qualia, users verify their identities by scanning their IDs via their phone, then receive an analysis of the barcode to determine if the ID is government-issued. Additionally, Shield facial geometry calculates a similarity score between the photo ID and the facial scan, which the firm said is 99% accurate.

Qualia Shield also offers a multivariable assessment of wire instructions that examines the bank routing number, account number and account ownership. In addition, it also reviews other fraudulent patterns to determine a transaction’s risk of wire fraud. The new risk assessment review feature takes things further by allowing users to examine and acknowledge the risk assessment findings on every wire.

The firm first launched Qualia Shield in October 2023.

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