Blogs
Unmasking Property Fraud with Biometric AML Technology
For estate agents, fraud poses a significant threat. To combat this, biometric AML (Anti-Money Laundering) checks are indispensable. These checks utilise unique elements most typical fraudsters struggle to grasp, like facial recognition and liveness to verify identity.
We recently hosted an exciting webinar with our partners, We Fight Fraud, together with Reapit, a favourite PropTech platform providing best-in-practice software to thousands of Estate Agents in the UK.
The topic was, “what easy ways can fraudsters dupe Estate Agencies”. Viewers were both fascinated and horrified at just how simple it is to scam an agency.
The reality of how easily fraud can occur, with there being a huge surge in property fraud, all in conjunction with HMRC being on the hunt for AML negligence, really hit home for viewers. Especially with typical fines being £5,000 - that's a big hit for a small company. But there's an easy way to fix this.
How to avoid fraud?
One of the major takeaways from the session was that fraudsters like to play the human angle. If an agency hasn’t adopted smart technology, a digital gatekeeper if you will, then it’s easier for the criminals to just pick up the phone, chat with customer service, play the sympathy card (my dog ate my Passport etc) gather intel, and then boom - they’ve got what they need to get someone else’s money straight into their pocket.
That’s where intelligent technology comes in. Using ID verification platforms which harness the power of biometric facial recognition put a stop to human errors and mishaps. And that’s where APLYiD comes in very handy indeed.
Why Choose Biometric AML Checks?
- Enhanced Security: Biometric AML checks provide robust identity verification, particularly through digital facial recognition, ensuring reliable authentication and protection against fraud.
- Regulatory Compliance: Adherence to AML regulations is crucial. Biometric AML checks facilitate compliance, reducing legal risks.
- Operational Efficiency: Automating identity verification streamlines operations and accelerates client onboarding, improving efficiency.
- Easy Integrations: APLYiD's technology is integrated into Reapit and APEX27 allowing a seamless customer journey all in one platform
The APLYiD Advantage:
APLYiD goes to the extra mile to keep you and your customers safe. How? We don’t store your customer information. All Personal Identity Information is deleted from our systems after it’s been accessed or downloaded by our customers. APLYiD offers advanced biometric AML checks tailored to the property sector.
Our solution seamlessly integrates digital facial recognition technology, ensuring swift and secure identity verification. Trust APLYiD to safeguard your transactions and uphold the integrity of your real estate operations.
Book a demo with our team and get your first month for free. See how our technology can help you prevent fraud.
Check out our partners at We Fight Fraud to see all the amazing work they do to prevent crime, and Reapit, the original end-to-end technology platform for estate agencies of all sizes.
