Verification of identity has always been an important step in the conveyancing workflow. It’s done to prevent fraud and theft, and to confirm all parties involved are legally able to handle the property.
The tech industry has recognised the growing need for a safe digital solution, with the pandemic making physical verifications more difficult than they’ve traditionally been.
The importance of electronic conveyancing solutions has been accompanied by the introduction of 100 per cent eConveyancing in NSW and Victoria as well as a recent proposition for the same in Queensland.
It is critical that practitioners take care to identify their clients and to ensure that their clients have the right to deal with the property.
Therefore, Verification of Identity (VOI) should be carried out for each matter for three main reasons, these include, protecting the Register and reduce the risk of identity fraud, improved client experience, and check-off mandatory compliance.
1. Security against fraud
According to the Federal Government, identity fraud is a real threat and a serious issue in Australia, impacting 1.7 million Australians and costing up to $1.6 billion each year.
This has lead to many states across the country formalising VOI requirements to prevent fraudulent 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 not, you’re opening your practice to potential long-lasting effects including financial loss, damaged reputation, and legal and regulatory penalties.
Using a solution like triVOI, allows you to verify the identity of your clients easily and securely.
Using triVOI, you can conduct your verifications face-to-face or remotely with the option for live video chat or a video recording. triVOI will prompt your clients to upload relevant documents and can be completed in as little as 10 minutes. It is a cost effective and easy way to verify your clients.
2. Improved customer experience
Property transactions are a highly stressful time for your client. They are placing their trust in your services with large sums of money and an important phase of their lives.
Therefore, proceeding through your conveyance quickly and safely is of paramount importance. As with any conveyancing process, one of the first steps you should check off is to verify your client’s identity.
Rather than seeing this as an obstacle, completing a VOI for your client should be seen as an extra step of precaution to reassure them your practice uses up-to-date and effective technology in your workflow.
For the long-term, this will also help boost the reputation for being a secure business. This is especially important with the sheer volume of conveyancing firms someone has to choose from.
Clients want a customer-centric experience with every interaction they have with your conveyancing practice and starting with a safe and secure method like VOI, is a great way to start.
Using a solution like triVOI, also offers a frictionless process, with different methods of carrying out the VOI, including remote, face-to-face or with an identity agent. Having the ability to conduct a VOI in minutes will be a big advantage to proving how quickly you can conduct your entire conveyance.
Lastly, all practices should strive to always be 100 per cent compliant at each stage of their workflow.
Starting your conveyance by potentially opening your practice up to professional indemnity insurance claims for failure to undertake a VOI correctly is not a habit you want to instil.
Therefore, it is critical that practitioners take their VOI obligations seriously. The Model Participation Rules, published by ARNECC, require practitioners to take reasonable steps to identify a client.
triVOI takes the security of your client’s sensitive information very seriously and that is why triSearch’s web-based Verification of Identity, service, has several measures to ensure that your client’s personal information remains safe and sound.
Overall, conducting a verification of identity should always be carried out. Ensuring your client is in fact who they claim to be will protect your practice from the chance of identity fraud, improve its customer service experience and gain your client’s trust, as well as maintains your practice’s compliance with ARNECC and state governing bodies.
For more information about how you can best utilise triVOI and other eConveyancing tools, get started with us today.