Many organisations are looking into digitising parts of their onboarding process to increase efficiency and help with risk management. However, a survey of our website visitors found that the majority are still verifying identity through paper means - photocopying and physically filing clients’ IDs. The manual way may have been enough in the past, but in today’s market, where fraudsters can easily create high-quality counterfeit IDs, and the Notifiable Data Breaches Scheme is in place, it’s time to re-think how organisations are conducting verification of identity (VOI).
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. States across the country have formalised VOI requirements over the last few years, to prevent fraud in 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 you expose your firm to fraud, the implications can be wide-ranging and include financial loss, reputational damage, regulatory penalties and legal action.
Working on VOI solutions since 2015, InfoTrack has evolved our solution based on feedback from clients and to comply with relevant mandates, guidelines and standards. We understand that there is a need for easy-to-use, integrated solutions that enhance due diligence and give your firm confidence that you’ve taken reasonable steps to verify your clients.
That’s where WebVOI comes in, a verification platform that allows you to complete your VOIs in accordance with the VOI standard every time.
Below are 5 reasons why you should consider InfoTrack’s VOI solution over our competitors:
- Proof of reasonable steps
When you conduct your VOIs through WebVOI, your verification reports are securely stored for 9 years, meaning you have proof that the VOI was conducted if any issue arises. The additional measures included in the WebVOI process can help build a case that reasonable steps were taken to complete the verification as the results of the facial recognition and Document Verification Service are documented in each report.
- Execute the required measures of due diligence
There is now a bigger need for extra measures of due diligence to help protect your business from fraud. WebVOI uses the latest technology to:
- ensure data is captured and recorded accurately from identity documents
- compare your client’s photo to their identity documents using facial recognition
- check your client’s Australian IDs against government records for validity using the Document Verification Service
These additional checks will flag authenticity concerns that are rarely detected through a manual VOI process.
- Increase efficiency in your operations
Moving VOI online means that your verifications are integrated with your practice management system. Integration will benefit your firm by minimising the need for data re-keying and ensuring your VOI reports and related costs are returned directly to the matter in your practice management system. WebVOI integrates with over 30 practice management systems so, by using WebVOI your firm’s administration is minimised.
- Standardise your VOI procedures
Using WebVOI ensures that verifications are completed to the same standard and process each time you onboard a new client, regardless of who is completing the verification. It ensures your staff are following a standard operational procedure and you will be able to validate that each verification performed by your firm runs through WebVOI’s additional checks, with a secured VOI report and audit trail for your records.
- Supports international client VOIs
WebVOI gives you the option to complete the VOI in-house, remotely or via one of InfoTrack’s Settlement Rooms. This gives both your firm and your client's additional flexibility, especially if you’re working with remote or overseas clients. Regardless of which option you choose, the documents are still run through the same facial recognition and verification process, and the results returned directly to your practice management system.
If you’d like to learn more about WebVOI simply get in touch with our team.