When I started my journey as a Notary Public, there were several things I knew right away:
- I did not want to be a Loan Signing Agent,
- The industry has great potential for fraud, and
- I want to be a part of the solutions
As I thought about my career I started looking at ways that I might use all of the management, leadership, security, investigative, and loss prevention experience I have acquired over the years to benefit the Notary Industry. There are plenty of Notaries and some that specialize in various areas but very few that focus on the area of fraud which is one of the main reasons this job is so important.
Notary Responsibility
At the core, a Notary has the responsibility of making sure the signer of the official document is the right person. From my experience with identity theft and financial fraud from the banking, retail, and loss prevention industries, this is not always a simple or easy process. Technology and the access of various resources makes it possible for those who want to take advantage of others an unanticipated problem for untrained and unsuspecting Notaries.
Part of the Solution
While I am still learning aspects of the Notary business, I am clear on the consequences of not addressing fraud in any business.
- Annual mortgage fraud losses in the US are $4 to $6 billion, according to the FBI
- Credit card fraud losses in 2018, were $9.5 billion, and
- In 2019, 14.4 million people were victims of identity fraud
- The State of Maryland found more than 47,500 fraudulent unemployment claims in 2020
For Notaries in particular, fraud can occur knowingly and unknowingly. We can knowingly conduct ourselves in a professional manner, following the regulations set by our states. We can always follow the essential steps to a complete and ethical notarization. These give us protection from civil and criminal liability resulting from misconduct and negligence.
But what can be done about perpetrators using technology to alter/doctor documents and identification? What can a Notary do?
This is how I can share my knowledge and work with Notaries. I see the issues facing Notaries and can create space and learning experiences that benefit and protect us just as much as having E&O insurance does.
Let’s work on this together! How are you preventing fraud as a Notary? Have you ever spotted a fake ID? What did you do about it?