As settlements move online, many practitioners are looking into digitising other parts of the conveyancing process to increase efficiency and help with risk management. However, a recent poll of our website visitors found that the majority are still verifying identity by photocopying and physically filing clients’ IDs. The manual way may have been sufficient in the past, but in today’s market where fraudsters can easily create high-quality counterfeit IDs, it’s time to re-think how you’re conducting VOI.
Identity fraud is a real threat
Identity fraud is a serious issue in Australia, impacting 1.7 million Australians and costing up to $1.6 billion each year. States across the country have formalised VOI requirements over the last few years in an effort to prevent fraud in property transactions. VOI is not just about complying with regulations, it’s about protecting your firm and you should make sure you have a VOI solution in place that you trust. If you expose your firm to fraud the implications can be wide-ranging and include financial loss, reputational damage, regulatory penalties and legal action.
VOI technology has evolved
We’ve been working on VOI solutions since 2015 and have continued to develop them based on feedback from our clients and the market. We understand that there’s a need for easy-to-use, integrated solutions that enhance due diligence and give you confidence that you’ve taken reasonable steps to verify your clients. That’s why we’ve created a new verification platform, WebVOI.
How will moving online make your VOI process more secure?
1) Extra measures of due diligence
WebVOI provides you with extra measures of due diligence to help protect your business from fraud. It uses the latest technology to:
These additional checks will flag authenticity concerns that would rarely be detected through a manual VOI process.
2) Integration with your practice management system
Moving VOI online means that your verifications are integrated with your practice management system. How does integration benefit your firm? Integration minimises data re-keying and ensures your VOI reports and related costs are returned directly to the matter in your practice management system. WebVOI integrates with over 30 practice management systems.
3) Proof of reasonable steps
When you conduct your VOIs through WebVOI your VOI reports are securely stored for 9 years, meaning you have proof that the VOI was conducted if any issues arise. The additional measures included in the WebVOI process can help build a case that reasonable steps were taken to complete the verification as the results of the facial recognition and Document Verification Service are documented in each report.
4) Consistent VOI procedure
Using an online tool ensures that verifications are completed to the same standard each time you onboard a new client, regardless of who is completing the verification. It gives you peace of mind that your staff are following a standard procedure for VOI in every transaction. You’ll know that each verification your firm performs runs through WebVOI’s additional checks and has a secure VOI report on record.
5) Flexibility in conducting VOIs
WebVOI gives you the option to complete you VOI in-house, remotely or via one of InfoTrack’s Settlement Rooms. This gives both you and your clients additional flexibility, especially if you’re working with remote or overseas clients. Regardless of which option you choose, the documents are still run through the same facial recognition and verification process, and the results returned directly to your PMS.
VOI is a critical part of securing your conveyancing transactions and protecting your firm from fraud. It’s vital that you have a VOI process in place that you can trust and that helps you manage your risk. We’ve developed WebVOI to provide a flexible, easy-to-use and reliable platform that will make the transition to electronic VOI easy for firms of any size.
If you’d like to learn more about WebVOI simply click here to get in touch with our team.