Importance of Notaries in an AI World

Описание: AI is not a threat to Notaries. In fact, it makes the job of a Notary Public even more important. Watch to learn more.

“Notaries are more important than ever,” says NNA President and CEO Tom Heymann. AI isn’t going to put Notaries out of business—in fact, it’s going to make our jobs more essential.

In his keynote speech at NNA Conference in Orlando, FL, Heymann explains why Notaries are the key against AI-assisted fraud.

Rise of Seller Impersonation Fraud

In 2023, over half of American real estate professionals experienced seller impersonation fraud. That’s when a scammer tries to sell a property by pretending to be the owner.

These criminals do this by using public records to find properties with no mortgages or liens that the owner doesn’t occupy full-time. They’ll contact an agent to initiate a quick sale and give an excuse not to meet in person. They get property listed below market.

Potential buyers looking to avoid high interest mortgage rates make all-cash offers. By making these offer types, the lender (who could potentially prevent fraud from occurring) is removed from the closing process.

Experts predict AI-assisted fraud will account for $23B in losses by 2030 in the financial services sector alone.

Experts Recommend IPEN

Despite the promise of remote online notarization (RON) and its adoption in 47 states, mortgage companies are insisting on in-person electronic notarization (IPEN).

Experts recommend seeing a Notary in person because meeting face-to-face is an effective deterrent when criminals are trying to avoid detection. As Heymann puts it, “We need Notaries who know what they’re doing more than ever before.”

NNA Conference is an annual event where Notaries from across the country come together. Join us next year: https://bit.ly/4c6Pv5X.

1. Rise of Seller Impersonation Fraud (3:13)
2. RON is Not Enough (9:49)
3. Experts Recommend IPEN (10:48)

Notaries are more important than ever amid the rise of artificial intelligence: https://bit.ly/3WM8sGS

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