LOS ANGELES, July 14, 2020 /PRNewswire/ — Veritable Data Solutions, Inc. has released its blockchain-powered smartphone app, called Veri-Lock™, to notaries nationwide. The app enables notaries to prevent title theft from elderly and other vulnerable victims, a crime that takes an estimated $500M annually from homeowners, lenders, and title insurance companies.
Even though high-quality fake IDs have become ubiquitous, notaries are still expected to do the impossible task of verifying identities with their naked eyes. Further, notaries have no way to prevent fraudsters from simply forging their signatures and stamps on deeds, powers of attorney, and other important documents. When fraud does occur, investigators typically have few leads with which to find the perpetrators.
Co-Founder David Fleck explained: “Sadly, victims of title fraud rarely recover their money and peace of mind.”
Veri-Lock™ empowers notaries to become gatekeepers who shield homeowners from real estate scams. No longer will notaries be duped by fake IDs because Veri-Lock™ puts cutting-edge identity verification technology on their phones. Veritable also developed its own permissioned blockchain for the Veri-Lock™ app using HyperLedger Fabric, which it uses to ensure the authenticity of notarized documents.
“Making the effort to prevent fraud before it happens, which this application does, is a better and much less costly solution than investigating it after it happens,” said Robert Broshears, who is a retired Supervisory Special Agent and is an advisor to Veritable. Mr. Broshears oversaw the FBI’s real estate fraud investigations nationwide during the mortgage crisis.
Veritable Data Solutions, Inc. was founded in 2019 by David Fleck and Allan Martia. Mr. Fleck is a 23-year California lawyer and former white collar criminal prosecutor. He is an expert in real estate-related frauds. In 2008, he wrote legislation that made it easier to prosecute California notaries who intentionally misuse their stamps. (Assembly Bill 886, Runner.) Mr. Martia has been a real estate developer/contractor/builder since 1970. In the 1990s, he founded a software company that was later acquired. In the 2000s, he was the victim of an infamous con artist who forged documents and stole over $10M of real estate equity from him. That unfortunate experience became the inspiration for Veri-Lock™.
Allan Martia sighed: “Veri-Lock™ would have saved me a lot of heartache and money.”
Veri-Lock™ is available on Android phones and iPhones at www.Veri-Lock.com.
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SOURCE Veritable Data Solutions, Inc.