Do You Know the True Value of Your Signature?

Jan 12, 2017

A seemingly mundane ‘scribble’ which is inherent in most transactions. This is often processed by other individuals, who have never met you and would never know your true signature. This is the basis for a lot of high value transactions… Criminals know this all too much…

At the heart of E-Sign is our core value of providing a secure method in which everyone can sign literally anything in the knowledge that his or her transactions are secure and the robust infrastructure we provide makes it near impossible for fraudulent activity. The integrity and authenticity of each individual’s signature is fundamental within E-Sign, but do you know how important your signature is?

How valuable is your signature?

Many of us sign our names often enough that it becomes routine. Signing letters, forms, contracts, memos, prescriptions etc., has become so commonplace that we don’t stop to think of what it means. But, our signatures symbolize more than just our name; they are a legally binding representation of our value and commitment to act in accordance with the content of the documents we are signing.

The value of our signature never wavers regardless of documents content because the law that applies to the signing a memo is the same as signing a contract.

To put this into context, a recent news publication saw two men convicted of fraud, after they literally stole someone’s house by fraudulent signing!
http://www.bbc.co.uk/news/uk-england-manchester-38080102

The victim of identity theft in this case described the horror of discovering his £500,000 home up for sale on a property website. Police, discovered two men had stolen the victims mail directly from his mailbox, and falsified legally binding documents by forging the victims’ signature.

Using a handwritten signature, the fraudsters were able to transfer the land registry deeds of the victim’s home, into their name. Subsequently the house was then put up for auction on a property website with a starting bid of £300,000. In this particular case, the value of the victims’ signature could be described as £300,000.

The above example shows that no matter how vigilant an individual may be with the security of their documents or personal information, they are at the mercy of the organisations that process the documents and whether they are as equally attentive.

Mike Haley, Deputy Chief Executive of the fraud prevention organisation CIFAS, stated the victim in this case was more vulnerable to this type of fraud because he had paid off his mortgage.

However, the real question to ask here is; How can a fraudulent signature be accepted without any other security measures to prevent this type of fraud?

If the deeds had been electronically signed then there could have been multiple security measures which come as standard within this process.

At E-Sign, we offer a secure digital identification embedded onto your electronic signature, unique to both the individual and document. E-Signs advanced technology allows us to ensure the person you are dealing with is who they say they are. Our latest advanced software can verify an individual’s digital signature from the printed page or on screen. We use various data collection methods for verification purposes. Some of these include (but are not restricted to):

  • ID document verification. (Passport/Driving License/utility bills)
  • E-mail verification
  • ID verification via payment methods. (Debit/credit cards, or Direct Debit)
  • Internet protocol (IP) recording
  • Time and date stamping
  • Digital fingerprint generation, and assignment to documentation
  • Audit trial creation, from document author to signatory.

For more information visit www.e-sign.co.uk or alternatively Get in Touch with us.

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