Remote Closings = Improved Fraud Protection

KBA

Knowledge-based authentication (KBA) is an identity verification method that requires signers to correctly answer personal questions that only they should know. It works by asking questions derived from a signer’s background and history that would be difficult for an impersonator to answer.

NY Remote Closings relies on BlueNotary.com which uses bank-grade dynamic KBA which generates questions in real-time based on information from public and private databases about the person's history and background. These questions are typically about previous addresses, loans, vehicles owned, or other personal information.

Dynamic KBA is also used in conjunction with video verification and ID document review for additional security layers. The system might ask questions like "Which of these addresses have you lived at?" or "What was the monthly payment amount on your auto loan from 2018?"

KBA provides security because:

  • The questions are specific to an individual's history

  • The answers aren't easily researchable

  • Multiple questions are usually required

  • There's often a time limit to answer

Biometrics

Biometrics refers to the use of unique physical or behavioral characteristics to verify a signer’s identity. This adds an additional security layer beyond traditional identification methods like passwords or knowledge-based questions.

Biometric technology plays a pivotal role in preventing identity theft in RON by implementing Two-Factor Authentication (2FA). Here’s how it works:

  1. Something You Know: A password or PIN.

  2. Something You Have: A government-issued ID, like a passport or driver’s license.

  3. Something You Are: Biometric data, such as facial recognition or a thumbprint.

Using at least two of these factors makes it exponentially harder for fraudsters to impersonate someone else. BlueNotary leverages facial recognition biometric scanning to ensure every legal document is signed securely and seamlessly.

Insured Transactions

The Donaldson Law Firm, PLLC carries two insurance policies to provide clients maximum protection and reassurance with remote closings:

  • $1,000,000 errors and omissions policy that includes coverage for all notarial acts, including remote online notarizations

  • $1,000,000 fidelity/crime bond

    • All lenders are provided a current Certificate of Insurance identifying the above policies and showing lender as the certificate holder