The Importance of Identity Verification In Real Estate World
In the field of real estate, identity fraud is one common problem. Most of the financial institutions are also pressured in following the mandate regarding the money laundering and identity fraud. They must follow without compromising the quality of their customer service as well as reaching the objectives of the business. But those rules and regulations can also help the business 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 personal attributes of the individuals to validate who the individual is.
When it is about forming new relationship, identity verification in real estate is very important. 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. In this way, the agent will be able to know the customers. Identity verification can determine the success or failure of the real estate business.
When acquiring a house or property, the role of the financial institution should not be undervalued. The customers doing business in any institution should understand that increased in security will help the customers and the public. When it comes to monetary loss there is a danger for the banks. There is also a risk for damage to the financial institutions’ reputation due to the opening of accounts by the terrorist. 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. When the mandate is not complied, penalty may be imposed.
Any business or institution must prevent identity fraud while providing the best customer service by protecting the identity of the customers. In order to reduce the opportunity for fraud, the first step is identity verification. In this way, bad people will be prevented from opening an account that will also reduce the burden of the bank. When identity verification becomes a part of the defensive measure, knowing your customers can greatly help in reducing the risk. This will will prevent identity fraud.
The law will review the policies of the financial institution so that there will be an analysis of the risk. The frontline workers must research about the needed information quickly about their customers from multiple sources.
Lastly, this will develop the customer service. It is the duty of the financial institution should protect the identity of the customers by using the identity verification. In this manner, positive experiences will be made. It will protect both the customers and the institution.