Escrow.com beefs up security with new verification process

I have been using Escrow.com for a long time, when it comes to safely and securely buying or selling domains, they’ve been the gold standard for a long time. Some time ago the company was acquired by Freelancer and since then a series of updates and upgrades have been rolled out.

One of the first updates was a nice clean refresh of the Escrow.com UX to what you now see today:

escrow-com

Unless I’m buying or selling a domain for $500 or less I always use Escrow.com to make sure my transactions are completely secure. Of course, it’s hard to be 100% secure but Escrow.com has always been the leader of the pack when it comes to security…now they just got even more secure.

Hats off to DNW for tipping me off to this change today in a post announcing Escrow.com’s new verification process:

In order to send or receive payments to a personal account, users will have to provide a copy of a government-issued ID (such as a drivers license) and proof of personal address (such as a utility bill).

Businesses will need to provide a copy of a representative’s government issued ID, proof of address of that representative, and company registration documents. (Source – Domain Name Wire)

I’ve done transactions as high as $850,000 with Escrow.com, and yes, that’s a pretty big number (for me at least!) so I can tell you that takes a whole lot of trust. While I’ve always felt pretty darn safe using Escrow.com, this definitely makes transactions through the leading Escrow platform even more secure, which is always a good thing. It’s always great to see a service you have known and trusted for years get even better, and especially when better means even more safe and secure.

Congrats to the whole Escrow.com team, it’s been great to see the commitment to innovation and security, not a bad way to start out 2017!

{ 2 comments… add one }

  • Lee L January 13, 2017, 2:39 am

    I couldn’t agree more. There seems to be some concerns in the domain industry that this will make transactions more difficult, as the buyers may be apprehensive to provide their personal documents. It gives me a little more peace of mind in knowing that there has been another level of vetting.

    Reply
  • Nick January 13, 2017, 7:57 am

    I will not send a selfie of me holding up my id to anyone (not just escrow.com). So they have just been eliminated from my methods of transacting domain sales. They are going to lose a lot of business from folks with this decision. Can you see your buyers agreeing to this? So ridiculous. Can you see a CEO of a company buying a domain for his business sending in a selfie of him/her holding up their drivers license? Or a small mom/pop shop? Or any one-off buyer of a domain name…. Very large percentage of people will not do it.

    Big discussion on namepros.com I agree with the he/she who said that if the bank itself verified and trusted me enough to give me an account then anyone who does business with me and requires my bank account information should also trust me. The bank did the verification already. The bank has already been taking care of the suspicious activity reports and there is no requirement of documentation / verification of a customer to produce a suspicious activity report anyway. Any financial institution employee may fill out an IRS Form 8300 on anyone that meets a SAR threshold, for example.

    The federal government doesnt know (nor really care) who is crossing the borders, wont enforce immigration laws or selectively enforces them, sues border states when they try to, rules it unconstitutional for citizens to have to provide photo ID to vote BUT……… its OK to send our bank statements and utility bill statements and selfies of our credit cards and drivers license details across the internet to be stored on servers that WILL get hacked (nothing is safe, ask Target and Yahoo no matter the security they had in place)….

    Reply

Leave a Comment