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The Importance of Identity Verification In Real Estate World

One of the most common problems in real estate is the identity fraud. 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, those rules and regulations would also help any business when it comes to increasing and saving money. By following the proper process of identity verification, any real estate and business can benefit when it comes to customer service and employee productivity.

Identity verification is the process of using claimed of an individual to confirm who the individual is.

Identity verification is very important when it comes to building rapport. 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.

The role of the financial institution when acquiring a house or any kind of property should not be undervalued especially that its number is increasing. 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. When it comes to monetary loss there is a danger for the banks. When terrorists open an account, this could also damage the reputation of the financial institutions. This can bring lots of losses in confidence, sales, customers, and profit 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 should prevent identity fraud in order for them to provide quality customer service by protecting the identity of the customers. The first step to this is through identity verification in order to reduce the opportunity for fraud. 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. Hence, identity fraud can be avoided.

The law will review the policies of the financial institution so that there will be an analysis of the risk. The frontline workers should do the research about the information of their customers from various sources as soon as possible.

Lastly, this will benefit and enhance the customer service. It is the responsibility of the financial institution to protect the identity of the customers through the process of identification verification. In this way, positive experience will be created. It will not just protect the customers, but also the institution.

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