OneSpan, a leading provider of digital security solutions, has announced the expansion of features for their product, OneSpan Notary. This cloud-connected solution allows organizations to streamline the notarization process and securely notarize documents in a trusted environment. The newly added capabilities now include support for Remote Online Notarization (RON) identity-proofing requirements, enabling organizations to securely identify signers who are unknown to the notary.
Document forgery has become a significant problem for banks and financial services. In fact, a recent survey found that 54% of banks reported dealing with document forgery in 2022. Recognizing the need for a more secure notarization process, OneSpan Notary offers a seamless digital journey that replaces the historically paper-intensive method. With bank-grade security and compliance features that meet RON requirements, this solution aims to mitigate fraud and safeguard against document forgery.
One of the key enhancements of OneSpan Notary is the addition of identity verification features that enable organizations to securely identify unknown signers. Sameer Hajarnis, Chief Product Officer at OneSpan, highlighted the importance of verifying the identity of signers, whether they are present in-person or remote. Hajarnis emphasized that this verification process is not only critical for high-value transactions, such as property transfers and mortgages, but also a legal requirement.
The latest enhancements to OneSpan Notary help customers turn unknown signers into known ones by providing robust identity verification capabilities through a seamless and secure digital experience. By positively identifying signers before they access the online notary session, OneSpan Notary mitigates risk and offers peace of mind. The expanded identity-proofing capabilities of OneSpan Notary include:
1. Knowledge-based authentication (KBA): Signers are presented with “out-of-wallet” questions compiled from public and private data, such as marketing data, credit reports, or transaction history. These real-time-generated questions make it difficult for anyone other than the signer to answer correctly, increasing the overall security of the process.
2. ID verification: Signers can take a photo of their government-issued ID directly from their mobile devices. Machine learning algorithms analyze the photo ID in real-time to determine its authenticity, effectively deterring deepfakes and fraudulent documents.
3. Remote ID presentation: During the notarization session, the notary confirms the identity of the signer by comparing their government-issued ID provided during the ID verification process with the on-screen video of the signer. This step ensures that the signer is indeed the person they claim to be.
OneSpan Notary, launched earlier this year, is built on top of OneSpan’s Transaction Cloud Platform. It brings together the company’s complete portfolio of enterprise-grade solutions, including e-signature, identity verification, authentication, high-assurance virtual collaboration, and secure vaulting. Looking ahead, OneSpan plans to integrate an additional capability from their portfolio into Notary, which will include secure document vaulting. This integration will leverage blockchain technology obtained through the ProvenDB acquisition.
At present, OneSpan Notary is available in approximately 16 states, catering to both known and unknown signer scenarios. The expansion of features within OneSpan Notary reinforces the company’s commitment to providing innovative solutions that address the evolving needs of organizations seeking secure and trusted notarization processes. By leveraging advanced identity-proofing capabilities, OneSpan continues to lead the way in combating document forgery and fraud in the banking and financial services industry.