Good News – Identity Verification Technology is Making a Real Impact in Preventing Identity Fraud in Real Estate!
It’s Cybersecurity Month! While we often hear about ransomware attacks and data breaches, I want to start things off on a positive note. Digital Identity Verification (IDV) technology is playing a critical role in stopping identity fraud, especially in the real estate industry. You may remember the alarming stories from 2023 when homes in Toronto and Vancouver were fraudulently sold out from under their rightful owners. I’m happy to report that IDV technology is proving to be a game-changer in combatting these types of mortgage fraud cases. Although we can’t share the specifics due to cybersecurity reasons, a recent audit of our IDV files showed that our technology is making significant strides in both compliance and fraud prevention.
IDV technology has been around since the early 2000s, but what has truly evolved is the integration of multiple technologies into one complete solution to confirm someone’s identity. In the legal field, we’re proud to say that Treefort Technologies was the first IDV company developed specifically for the Canadian legal profession. Our platform combines all the necessary technologies to comply with Law Society Client ID Rules while effectively combatting identity fraud. Since the launch of our product in early 2021, we’ve grown rapidly, and today, over 1,500 legal professionals across Canada rely on us as their premium IDV provider.
As we continue to scale, we recognize that IDV companies are constantly in a race against cybercriminals. What worked to detect fraud a few years ago is no longer enough, especially with the rise of Generative AI in 2023. A key area of concern is liveness detection, which IDV companies use to determine if someone is a real, live person. Criminals are now targeting this technology by injecting false data to spoof the system. This has led us to upgrade our liveness detection to iProov’s patented Flash mark technology, which identifies digital injection signatures and is the most effective defense against these attacks. According to iProov’s latest Threat Intelligence report, there’s been a 255% increase in digital injection attacks in 2023/2024, so I’m glad we made this change. As deepfake threats continue to grow in the legal industry, Treefort Technologies is committed to providing the best liveness and deepfake detection available in Canada. We’ve got your back!
Kim Krushell
Co-Founder
EVP Information Security
