Forewarn, an identity verification and risk assessment company. It’s helping New Jersey real estate agents by equipping them with robust tools to verify identities of clients and conduct property buyer criminal history checks. Forewarn, a subsidiary of the analytics company Red Violet, is shaking things up in the real estate sector. That innovative product is now being adopted by realtor organizations across the United States, protecting Americans from fraud and harm. This program launches as the U.S. real estate industry is rapidly adopting identity verification solutions to help address escalating fraudulent activity.
Rising Fraud in Real Estate Spurs Demand for Verification Tools
Reporting potential fraud to local authorities is only done by 14 percent of individuals which displays the need where Forewarn’s services come in handy. Forewarn provides a simple solution to vet prospects and drastically reduce the chances of fraud. Today, automated methods catch 65 percent of fraud cases. This goes to show just how powerful these new digital tools can be.
More than one out of two of the 250 survey respondents confessed to having received counterfeit ID cards. This troubling figure points to the important ways in which Forewarn’s tool can stop fraud before it starts.
Industry Partnerships and Innovations
Beyond the Department of Homeland Security, other companies are moving ahead quickly in the digital identity verification space. Credas, another identity verification firm, was recently chosen as an onboarding partner for British conveyancing company Muve.
Clear, a U.S.-based experiential identity provider, joins the Fraud Prevention Accord. Together, they hope to lay the groundwork for extensive adoption of digital ID products within the real estate sector. Clear’s new product, Verified by 100, adapts its verified identity platform for integration into property management systems.
"For too long, multifamily has relied on outdated systems – or worse, gut instinct – to decide who gets on-site." - Caren Maio
From 100, Clear, Credas to Forewarn, these companies are taking big steps in the digital identity space. Separately, they’re strengthening fraud prevention measures across the real estate industry.
Forewarn's Role in Safeguarding the Real Estate Sector
"Digital ID verification is proving to be one of the most effective tools in detecting and preventing fraud, while also improving the experience for legitimate customers." - Tim Barnett
Caren Maio, CEO and co-founder of 100, and Nicole Banbor, CEO of MJAR, are spotlighting the vital importance of identity verification in real estate transactions. They knew Forewarn is poised to fill this extremely critical gap.
"Verified is more than a security upgrade – it’s the next step in our fraud prevention platform and the foundation of the alliance’s mission to put identity at the center of community safety." - Caren Maio
Forewarn's efforts, along with those of its industry partners, signify a proactive approach to securing the real estate sector through advanced digital identity verification technologies.
