Latest news with #PatKinsel
Associated Press
16-04-2025
- Business
- Associated Press
Propy Partners with Proof to Streamline Notary Services, Making Home Buying Faster and Safer
MIAMI, April 16, 2025 /PRNewswire/ -- Propy, the leading blockchain-powered real estate platform has partnered with Proof, a trusted identity authorization network, to eliminate in-person notary bottlenecks and fully digitize secure home buying experience. By integrating Proof's nationwide network of notaries directly into Propy's platform, buyers and sellers can now securely identify themselves online, avoiding fraud and unnecessary delays. Integrating Proof's notary services advances Propy's mission to digitize real estate transactions by streamlining KYC, identity fraud prevention, and document authentication within the Propy smart contract platform. Buyers no longer need to coordinate notary services separately; instead, they can schedule online or in-person notary services, track real-time updates, and securely verify their identity—all in one place. 'Buying a home should be as seamless as buying anything else online,' said Natalia Karayaneva, CEO of Propy. 'By integrating Proof's notary services, we're adding the final oracle data point for a self-driving transaction via smart contracts. Proof has been a pioneer and a solid leader in the online notary space innovation'. Cutting Down on Fraud While Keeping Homebuying Simple With the FBI reporting that real estate fraud is on the rise, ensuring secure property transactions is critical. Proof's advanced authentication technology ensures that buyers, sellers, and agents are verified quickly and securely, reducing fraud risk while keeping deals moving forward. Through the integration, buyers can instantly schedule notarization without back-and-forth coordination, and choose between online or in-person notary services based on preference and location. Automatic notifications ensure users stay informed throughout the process. 'Consumers and organizations are more vulnerable than ever to fraud,' said Pat Kinsel, founder and CEO of Proof. 'AI-driven deepfakes are becoming increasingly sophisticated, resulting in billions of dollars in losses. Combining Proof's identity authorization solutions with Propy's blockchain-powered platform will significantly reduce fraud risk while ensuring a seamless user experience.' Propy's partnership with Proof builds on several of Propy's recent developments, including newly unveiled crypto-backed financing options, expanded tokenized property sales, and an escrow service powered by Coinbase Prime, positioning Propy as a comprehensive and efficient end-to-end solution for modern homebuyers. For more information, visit About Propy Propy is a licensed title and escrow agency and leading AI and blockchain-powered real estate platform that simplifies real estate transactions from offer to close. Propy's real estate smart contracts–pioneered by the company in 2017–make the closing process faster, easier, and more secure. Propy's automated notifications, analytics, and compliance tracking features, ensure that property deals are closed in a seamless, fast, and cost-effective manner, making the platform trusted by brokerages nationwide. Propy also provides tech certifications for real estate professionals. For more information visit About Proof Proof is the trusted platform for the most important agreements that businesses and consumers sign. More than 7,000 businesses trust Proof to collect all types of documents - everything from online notarization to identity-assured eSignatures. The platform combines strong identity verification with built-in fraud prevention to ensure signatures are harder to forge. Proof operates the Notarize Network, the largest on-demand network of trusted notaries that are available 24/7 to perform a notarization or check a person's identity. For more information, visit: View original content: SOURCE Propy
Forbes
13-04-2025
- Business
- Forbes
AI And Tax Fraud: Why Cryptographic Verification Is The Future
If AI can perfectly forge W-2s and tax documents, how will the IRS know what's real in the future? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world. Answer by Pat Kinsel, founder/CEO & former venture capitalist, on Quora: Nothing is certain in life except death and taxes. And fraud. As fast as any innovation comes to life, there will be fraud schemes following close behind. The IRS faces a growing challenge as AI advancements make document forgery increasingly difficult to detect through traditional means. Currently, verification systems rely on pattern matching and cross-referencing with employer-submitted data, but these approaches become inadequate when faced with sophisticated AI forgeries that can replicate documents with precision. The government's typical approach to tax fraud has been reactive. The IRS and Treasury Department often rely on deterrence through penalties – threatening financial punishment and criminal prosecution for tax fraud. While this may dissuade some potential fraudsters, it does little to prevent the technological capabilities to commit fraud in the first place. Once fraudulent returns are processed and refunds disbursed, recovery becomes extremely difficult, and prosecutions are rare compared to the volume of fraud. Addressing this issue requires a fundamental shift from reactive enforcement to proactive verification. Instead of detecting forgeries after documents have been submitted, we need a system that makes forgery technically impossible or immediately identifiable. This can be achieved through digital identity verification of tax documents at every stage of their lifecycle. Here's how a more secure system could work: When employers submit W-2s to the government, each document would include a cryptographic signature (a digital certificate) uniquely tied to the issuing business. This certificate, embedded as metadata in the document, would create an unalterable record of its authenticity and source. The IRS would maintain a verification database of these authenticated documents. When individual taxpayers receive these W-2s and submit them with their tax returns, the tax preparation software or IRS systems would automatically verify the embedded certificates against this database. Any document lacking proper certification or showing signs of tampering would be flagged immediately. Such a system would shift tax document verification from the subjective question of "Does this look legitimate?" to the objective question of "Does this document contain the required cryptographic proof of authenticity?" This approach isn't theoretical – it's based on the same Public Key Infrastructure (PKI) technology which underpins much of today's internet security. By embedding a verified identity into each tax document, this system would create a permanent, auditable, and machine-readable trail that guarantees the integrity of every tax form. Each document would be digitally signed with a verified identity, eliminating forgery risk and ensuring authenticity of both the issuer or person and the document itself. This could be further strengthened by adding a second layer of cryptographic protection when taxpayers submit their returns. Through a simple digital signature process, taxpayers would attest to the accuracy of the documents, adding their own verification to the chain. The technology to secure our tax system exists today and has been successfully implemented in other domains requiring high security. What's missing is the governmental will and investment to address emerging technological threats proactively rather than reactively. As AI capabilities continue to advance at an exponential pace, the window for implementing effective countermeasures narrows. Without a fundamental shift toward cryptographically signed tax documents, we face a future where the IRS might be unable to distinguish legitimate returns from sophisticated forgeries, undermining not just tax collection but public trust in governmental systems. The question isn't whether we can afford to implement such security measures, but whether we can afford not to. This question originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Forbes
13-04-2025
- Business
- Forbes
AI-Powered Tax Fraud: How To Stay Safe This Season
Doing taxes getty Will tax season become a Nexus for AI-powered identity theft? How can we protect ourselves from AI tax fraud? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world. Answer by Pat Kinsel, founder/CEO & former venture capitalist, on Quora: Tax season is already becoming a significant target for AI-powered identity theft, and this threat is likely to grow exponentially in the coming years. The IRS has been battling fraudulent returns for decades, but the emergence of sophisticated AI tools presents new challenges to our tax system's integrity. The reality is that tax fraud doesn't necessarily require advanced AI tools. For years, criminals have been altering W-2 forms and other tax documents using basic editing software. What AI does is dramatically lower the barrier to entry while increasing the scale and sophistication of these operations. Even before generative AI became widespread, the IRS was experiencing billions of dollars in fraudulent refund claims annually. Now, with the help of AI, that figure could balloon considerably. While mainstream AI tools incorporate safeguards against document forgery – similar to how Photoshop has long prevented counterfeiting currency – black market alternatives specifically designed for creating fraudulent tax documents are becoming increasingly available. These tools can generate convincing fake forms that claim false deductions or inflated refunds with remarkable authenticity, making detection far more difficult. The IRS does have verification mechanisms in place. They cross-reference information received directly from employers, financial institutions, and other third parties. When you report income from your job or investments, the IRS already has matching documentation from those sources. This creates a natural check against certain types of fraud. However, the agency faces significant challenges that AI exacerbates. First, the sheer volume of tax returns – approximately 140 million individual returns expected to be filed by April 15 – makes comprehensive verification practically impossible. Second, many deductions rely on documentation that isn't independently reported to the IRS, creating verification blind spots. Third, recent IRS staff cuts may limit their ability to manually review suspicious returns, precisely at a time when AI-generated fraud requires more human oversight. Also concerning is how AI could enable more sophisticated versions of existing tax scams. Identity thieves have long filed fraudulent returns using stolen Social Security numbers, claiming refunds before legitimate taxpayers file. With AI, these schemes could become more convincing and harder to detect through traditional means. To protect yourself from becoming a victim of AI-powered tax fraud, consider these essential steps: The most effective long-term solution will require developing more sophisticated identity verification systems that digitally link real identities to transactions across the tax ecosystem. This approach would create a trusted framework where tax documents could be securely verified at every stage of the process. Until such systems become standard, individuals need to remain vigilant. By understanding the evolving nature of tax fraud and taking proactive measures to protect personal information, taxpayers can significantly reduce their risk of becoming victims during what has unfortunately become a prime season for AI-enhanced identity theft. This question originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Yahoo
28-02-2025
- Business
- Yahoo
Proof secures investment from State Farm Ventures
Proof, a company specialising in identity authorisation networks, has secured investment from State Farm Ventures, the corporate venture arm of State Farm and a provider of auto and home insurance in the US. This investment supports Proof's efforts to mitigate identity fraud and enhance operational efficiency, while also streamlining the 'paper-heavy insurance sector'. State Farm Ventures vice-president Mike Remmes stated: 'State Farm Ventures is committed to investing in innovative technologies that make digital transactions safer for our customers. 'Proof's advanced identity verification platform aligns with our mission to support the kind of innovation we want to bring to the insurance industry – one that improves both security and customer experience.' In 2024, Proof exceeded $150bn in authorised transactions and recorded a 44% increase in its presence within the real estate sector, the company claimed. Proof's network offers a suite of tools designed to ensure 'high-assurance digital transactions'. These include Identify, a no-code tool for identity verification and fraud prevention, and Verify, a live video call solution with biometric checks that provides real-time fraud protection. Other products include Notarize, a secure digital notarisation service; Sign, an eSignature solution that guarantees document authenticity; and Defend, a fraud detection system aimed at combatting forgery and deepfakes. The company claimed that its platform saves up to 21 days and $45 per transaction, helping businesses automate processes and enabling consumers to complete transactions instantly and on their own terms. Proof CEO Pat Kinsel said: 'This strategic investment affirms Proof's role in transforming how identities are verified in the digital world. 'Our platform empowers businesses and individuals to establish trust remotely and securely, eliminating the need for in-person meetings or paper documentation. This is key to creating a more efficient, secure and accessible digital economy.' Last month, Proof integrated with SoftPro to enhance identity verification and security in digital real estate transactions. "Proof secures investment from State Farm Ventures " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
