How Electronic Conveyancing Protects Your Identity
Are you curious about how electronic conveyancing prevents fraudulent actions through identity verification? With e-conveyancing becoming a standard process in real estate transactions, it's important to understand how this system works. So, what do you need to know about how the verification process is handled and how it can protect your identity?
What's the Process?
Electronic conveyancing in Australia requires identity verification for all parties involved in the transaction. This is done through the PEXA platform, which enables secure online communication and authentication between all parties. To verify one's identity, individuals must provide a combination of proof through various documents, such as a passport or driver's license. These documents are checked by a verification service, which confirms that they are valid and matches the individual's personal details.
What's the Digital Certificate?
In addition to document verification, the PEXA platform uses a digital certificate to confirm the identity of individuals involved in the transaction. The digital certificate is unique to each party and is linked to their identity. The certificate must be installed on the individual's device to complete the transaction, which ensures that no one else can access or use it.
What's Multi-factor Authentication?
Another layer of protection in the electronic conveyancing process is multi-factor authentication. This means that individuals must provide multiple forms of identification to access the system. For example, when logging in, individuals must provide a username and password as well as a one-time code sent to their mobile device. This ensures that only the authorised individual can access the system.
Is There an Audit Trail?
Furthermore, the PEXA platform offers a full audit trail of all activities and documents accessed by each party. This means that a record is kept of all actions taken during the transaction process. This way, any suspicious activity can be identified and investigated. The platform is also regularly monitored for any unusual activity, which is reported and investigated.
What You Should Remember
All in all, the electronic conveyancing process in Australia is designed with security and protection in mind. With identity verification, digital certificates, multi-factor authentication and audit trails, the process ensures that individuals' identities are safeguarded. By choosing electronic conveyancing, you can have peace of mind that your identity is protected during the transaction process. So, for your next real estate transaction, ask your conveyancer to use the electronic process to make life easier all around. And remember, you'll spend less time meeting in stuffy offices as well.
Reach out to conveyancing services near you to learn more.