Digital technology can do astonishing, breathtaking things, but it can also be a double-edged sword. The smartphone revolution has changed how people share pictures and videos and connects people face to face in real-time.
There has also been considerable coverage of security breaches and hacks compromising some platforms. However, digital technology isn’t going anywhere any time soon, so it would be a huge mistake to abandon it and try to keep it safe by foregoing such unbelievable technology.
To appreciate how some tech experts are responding to such concerns, let’s use real estate as a case study to see how tech is helping to make it a more secure environment.
Data that never gets shared can’t get misplaced. Digital innovator Regan McGee built Nobul, a real estate technology platform, to connect home buyers and agents within the app. However, because the app doesn’t share the buyer’s telephone number, email, or address with Nobul, it’s impossible for the agent to possess this data.
It’s easy for agents and buyers to share listings and stay connected through the app itself, so there’s no reduction in connectivity, and staying in contact is always seamless and smooth. But their sensitive information will always remain private.
Artificial Intelligence is often thought of as robots on assembly lines, replacing manual labourers with more efficient machines that don’t require a salary or pension. In reality, AI has many different applications, and some of them have to do with security.
Buying a property is usually the most expensive purchase you’ll ever make, so it’s reasonable to expect real estate platforms to offer considerable security. One way they do so is through AI that detects fraud more effectively than a human possibly could.
Nobul has not pursued this technology so far, but McGee describes how promising it is: “Although we’re not involved in it, it’s exciting to see how AI technology is improving detection for Title Fraud, Mortgage Fraud.”
Unsurprisingly, fraud tends to gravitate to where the money is, and there’s a lot of money in real estate. Scams related to title deeds are major because that’s how you prove you own your home! If scammers can take over a homeowner’s identity and forge the right documents, they can convincingly claim to be the rightful owner of the property.
From there, it’s a small step to either selling the home and keeping the money or taking out a mortgage against it and taking the “borrowed” money as pure profit. Older people tend to be the targets of such crimes, as is the case with many online scams.
The last thing you want is a letter from your lender telling you your mortgage is in arrears and that they’re ready to start a power of sale. Any Ai technology that can help sniff out such scams and uncover them before the victim’s life spirals out of control can only be a great thing!
Apps that keep people connected without the use of email find a nice and natural way to sidestep those associated risks, like phishing scams, malware, bots, and more. Especially during the pandemic, realtors used alternative digital technology to help buyers do a “tour” of a home remotely.
Many homebuyers didn’t even meet with their realtor face to face, relying on property technology and things like Zoom. While there’s only a very remote risk of a data breach caused by things like virtual tours for home buyers, the same isn’t quite true for sellers staging their homes.
Home sellers may be vulnerable to data breach risks when showing their homes online. It helps when they have experienced agents do it for them through Nobul. Using a secure medium rather than relying on various points of contact online eliminates the risk.
Sellers and buyers want to leverage the power of technology without being subjected to its risks.
As every industry moves online and adapts to ecommerce, it’s crucial they find a way to be secure. Real estate has moved into the digital world, and the security is beefed up and sure to only get stronger. Use property technology to buy and sell the right home without worrying about any potential data risks.