The real estate industry is swimming in very deep shark-infested waters these days when it comes to security. Deals routinely include six or seven-figure dollar amounts, an irresistible target for the fraudulent. But these bad actors are always changing their tactics. Today, they use more advanced tools such as AI-enabled deep fakes and synthetic identities to con and scam. Calloutcoin.com is your new home for unique, insightful analysis of the rapidly-changing world of digital identity solutions and the tech driving this new trend.
The stakes couldn’t be higher, and the risk of catastrophic financial loss is ever looming. Thus, it is critically important for real estate professionals to understand and mitigate these growing risks.
Overview of the IDaaS Market
Definition of Identity as a Service (IDaaS)
Identity as a Service (IDaaS), a widely deployed cloud based solution, Identity and access management (IAM) services. It provides the foundation for organizations to effectively manage and protect their digital identities, manage access to resources, and protect against increasingly complex security policies. Consider it an outsourced identity management system, taking care of authentication, authorization and user provisioning in the cloud. It’s a booming market, providing increasingly scalable, secure, and cost-effective solutions for enterprises and small businesses alike.
Centralizing user identity management through IDaaS solutions can help organizations improve their ability to deploy consistent security policies across applications and services. In smart real estate development, having safe access to sensitive information is key. All kinds of other players, like brokers, clients, loan officers, and attorneys — they all depend on this reliable security.
Current Market Trends
Finally, the IDaaS market is on fire! Driving this growth is the increasing sophistication of cyber threats and demand for identity verification solutions that meet the heightened stakes of today. The most robust defense against these burgeoning dangers is through identity verification, making it an invaluable necessity in today’s day and age. Properties unoccupied by their owners are especially susceptible to these scammers, who take advantage of this susceptibility to scam property owners out of thousands of dollars.
In addition, the emergence of deepfake frauds against companies introduces new threats, requiring sophisticated security solutions. Meanwhile, more companies are moving their business online and adopting more cloud-based services. Accordingly, the urgency for secure and scalable identity management solutions has reached critical mass. Take the distinct trend in the real estate industry. Digital commerce and virtual work are rapidly replacing the way we used to do business—more so than ever before.
Factors Driving the Growth of IDaaS
Increasing Cybersecurity Threats
In fact, the real estate industry has become one of the top industries cybercriminals are targeting, with high value transactions and sensitive data at stake. As we discussed in our tech in fraud post, criminals are increasingly using emerging technologies such as deepfakes and synthetic identities to carry out these scams. These advanced attacks are often hard to detect, therefore overwhelming traditional security technologies.
These IDaaS solutions come equipped with superior security features as standard, such as multi-factor authentication (MFA) and biometric authentication. Furthermore, they use behavioral analytics to dramatically increase protection against today’s more complex threats. Real estate organizations can take their security to the next level by adopting IDaaS. This blueprint allows them to lower the chances of a data breach, financial loss, and impact to their reputation.
Demand for Enhanced User Experience
Along with security, user experience is another key factor boosting IDaaS usage. Today’s real estate professionals and the clients they serve demand a seamless, convenient, and fast experience when they access digital services. Clunky log in requirements and security measures can result in irritability and loss of productivity.
IDaaS solutions offer benefits such as single sign-on (SSO) and self-service password reset. Beyond agronomic and cost benefits, these tools really drive the user experience and ultimately satisfaction. Through intuitive user experience and easy access control management, IDaaS can help streamline operations and improve overall productivity for real estate firms.
Benefits of Implementing IDaaS
Improved Security Measures
Sophisticated solutions such as strong identity verification can go a long way toward safeguarding any valuable real estate assets from these scams. Techniques like facial recognition technology, biometric authentication, and two-factor authentication with a push notification or SMS can greatly lower the chances of identity compromise. These safeguards help ensure that only authorized entities are able to view sensitive data and process transactions.
Though often viewed as an inconvenience, a comprehensive identity verification program is crucial for safeguarding businesses. Beyond public safety, it supports fairness and integrity in the real estate sector. By adopting IDaaS, real estate organizations can better protect their security posture, as well as their assets and reputation.
Cost-Effectiveness for Businesses
Developing an in-house identity management system can be very costly and tedious, needing heavy investments in hardware, software, and personnel. These costs can be overwhelming, so IDaaS offers a more affordable option for companies. With its cloud-based solution, it allows customers to forego upfront capital expenditures and ongoing maintenance costs.
By outsourcing identity management to a specialized provider, real estate companies can reduce their IT burden and focus on their core business activities. IDaaS provides elasticity as well, enabling organizations to scale up or down their identity management operations to meet changing business requirements.
Challenges in the IDaaS Market
Data Privacy Concerns
Data privacy is a significant concern among enterprises moving to IDaaS solutions. Real estate entities collect, maintain, and process sensitive personal information, such as financial information, personal identifiers, and property title records. Client confidentiality rests upon the conviction that advisors go above and beyond in protecting private and sensitive data and maintaining regulatory standards.
IDaaS providers must adhere to strict data privacy regulations, such as GDPR and CCPA, and implement robust security measures to protect against data breaches. Real estate companies should carefully evaluate the data privacy policies and security practices of IDaaS providers before entrusting them with their sensitive information.
Integration with Existing Systems
IDaaS integration with existing IT ecosystem can pose a daunting challenge. Real estate companies typically have a strong reliance on multiple different legacy systems and applications. Unfortunately, these legacy systems typically face challenges connecting to cloud or IDaaS systems.
Inadequate integration is an integration failure Successful integration between the real estate company and the IDaaS provider requires planning, technical expertise, and attention to detail. Make sure this integration process goes smoothly and doesn’t get in the way of current business functions. Integrate and align all complicated systems to ensure that they function together efficiently.
What We Do
Our Services in IDaaS
We offer customized, fully-integrated, turn-key IDaaS solutions designed exclusively for real estate. Our services include:
- Identity Verification: Advanced identity verification programs to protect against fraud and ensure compliance with regulatory requirements.
- Access Management: Secure and streamlined access management for clients, vendors, and third parties.
- Multi-Factor Authentication: Implementation of MFA to enhance security and prevent unauthorized access.
- Compliance Solutions: Assistance with navigating complex regulatory landscapes and ensuring compliance with data privacy laws.
- Integration Services: Seamless integration with existing IT systems and applications.
We help commercial and residential real estate firms to more quickly onboard their end clients, vendors and third-parties. That’s how our award-winning solutions make every mile of pavement more productive. We’re hoping to arm real estate firms with some of the tools they’ll need. Our collective knowledge informs their efforts to better safeguard their assets and enforce a stronger security perimeter.
Client Success Stories
Having guided countless real estate firms through deploying IDaaS solutions and strengthening their security posture, we’re here to help your organization next. One of those clients—a huge, well-known real estate brokerage—did extraordinary things. As soon as they began using our identity verification program, they cut fraud by 40%. See how a national property management firm renovated their onboarding process with our access management solution. In doing so, they reduced poor customer experience by more than 30%.
These success stories are a testament to the tremendous value our IDaaS solutions provide. We are committed to empowering real estate companies to achieve their security and business objectives.
Why Work With Us
Expertise in Cybersecurity Solutions
Our team is a well‐honed group of real, experienced cybersecurity professionals. They’re committed to providing cutting-edge IDaaS solutions uniquely tailored to the real estate sector. As the intelligent enterprise, we understand real estate and companies’ specific challenges and threats. That’s why we’re committed to making sure they protect the public’s assets and reputation.
We are leaders in the field of cybersecurity and have a deep understanding of the real estate business. This rare and powerful combination enables us to develop customized solutions that fit our client’s needs like a glove.
Commitment to Customer Satisfaction
We want to make sure we serve everyone with the best customer support and care. We cooperated with our clients and use their feedback to shape the end products into powerful, highly customized solutions to their very specific needs. As always, our T4A team is here to help you with questions, navigating the system, or working through any hiccups that might occur.
By understanding the risks and leveraging cutting-edge tools, real estate professionals can protect their clients and businesses from cyber fraud. Our goal is to help bolster trust and safety in the real estate ecosystem. In doing so, we provide a safe, organized, and supportive community for all participants and parents.
Failure to do so could lead real estate companies to a minefield of regulations where missteps can result in regulatory infraction, fine or penalty. Because victims usually only discover crimes after the fact – sometimes months later – proactive enforcement is key. To combat these sophisticated types of fraud, it underscores the importance of proactive security measures and ongoing monitoring to quickly identify and block fraudulent activity.
