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Description
In this issue's lead feature story (page 14), Valuation examines the ever-evolving topic of identity and signature theft, including the possible implications and preventive measures. Several software companies are in the process of addressing the issue with systems designed to increase security of a digital signature. The following is an overview of four of them currently on the market or soon to be available.
Pincert[TM] from ACI
Pincert provides appraisers, appraisal companies and lenders with a solution that promotes compliance and combats appraisal fraud from numerous angles. Pincert is compatible with standard PDF files, MISMO and other industry-standard XML formats. Designed to work with any forms-processing software, Pincert is a three-tiered system used to sign appraisal data, seal PDF files and deliver the final report package to the client.
[FIGURE 1 OMITTED]
Pincert requires a comprehensive identity verification process that involves several steps:
* Validation of the appraiser on the Appraisal Subcommittee National Appraiser Registry.
* Two-level identity verification by Equifax including personal information confirmation and an out-of-wallet interview (such as the amount of the appraiser's monthly mortgage payment or mother's maiden name).
* Phone interview by ACI administration personnel.
The successful completion of this process results in a Pincert level of "Verified," the first level of verification. The highest level is "Certified" and involves an in-person identity confirmation by ACI or one of its authorized agents. Once approved, the appraiser is added to the secure Pincert Registry, which maintains appraiser information such as license expiration dates, certification levels, coverage areas and appraiser capabilities.
The Pincert signature is then created and is activated by the appraiser where it remains under the appraiser's complete control. The PIN number for the Pincert signature is stored online and can be changed by the appraiser on-demand, thereby preventing unauthorized use. When the appraiser applies the Pincert signature, the signing "ceremony" verifies the user with one of three levels of authentication (see sidebar) based on the... |
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Economic & market indicators., June 22, 2007
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