Payoneer

Escrow.com Is Now Asking For Photos of Personal Docs

Discussion in 'Domain Industry News' started by Cdomains, Jan 4, 2017.

Replies:
363
Views:
16,289

?

Will You Give Escrow.com Photos of Your ID's And Other Docs?

  1. Yes

    63 vote(s)
    28.5%
  2. No

    123 vote(s)
    55.7%
  3. Not Sure Yet

    35 vote(s)
    15.8%
  1. Cdomains

    Cdomains Active Member VIP

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    Escrow/com Is Now Asking For Photos of Personal Documents.

    I just logged in to Escrow/com and they are now asking for extensive verification including Photos or scans of ID's and other personal and business documents to be stored on their servers.

    I have used them for years for all my transactions.

    With all the hacks of servers happening around the world and security breaches exposing us to identity theft I have refused to give photos of my ID's and other documents to companies who request it.

    I will not do business with Flippa for this reason.

    I recently had my account frozen at a registrar that asked me for this and I refused.

    Will you give photos of your personal ID's, bank records, etc to Escrow/com or will you use another service?

    Personally, I think I am going to take my business somewhere else.

    I am really disappointed about this after all these years.



    Related:
     
    Last edited: Jan 4, 2017
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  2. SBS66

    SBS66 Business Member Business Account

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    I've only had the opportunity to use Escrow once, last year and didn't have this issue; it must be a new thing. I don't mind giving public information, such as my company's tax id number which is public record anyway. Why would they need any other paperwork?
     
  3. BostonDomainer

    BostonDomainer Business Member Business Account VIP

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    I thought it was just me since I had so many transactions going on at once. I don't like this move what so ever.
     
    Last edited: Jan 4, 2017
  4. johnn

    johnn EnameMart.com VIP ★★★★★★★★★★

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    Bad move.

    I have been using them since 2005 and this is not good change.
    You can only prevent the good guy from doing the bad things but you cannot prevent the bad guys from doing the bad things.

    Fake ID is not difficult to get.
     
  5. Cdomains

    Cdomains Active Member VIP

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    I have no problem with standard business documents like tax Ids.

    That is understandable and I have given that info to any company I do business with who requests it.
     
  6. SBS66

    SBS66 Business Member Business Account

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    @johnn yeap. Besides, as OP mentioned: "all the hacks of servers happening around the world and security breaches exposing us to identity theft" the only place where your info is safe is with you.
     
  7. wwwweb

    wwwweb Top Member VIP

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    Is there a deadline date, are they withholding payments, or are they still in a grace period for now?

    I agree anytime a company gets hacked, they are just like oops sorry, we will do better next time, please change your passwords, it's like ahhh ok
     
  8. Cdomains

    Cdomains Active Member VIP

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    I don't know.

    I don't have any open transactions right now.

    When I logged in there was a notice at the top of the page in my account.
     
  9. tonyk2000

    tonyk2000 Business Member Business Account ★★★★★★★★★★

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    As a seller, I do not feel comfortable to upload such a sensitive info online, or to give this info to escrow.com. I am sure that many buyers would feel the same - and it is even more important. Lost sales after a long time negotiations? Sorry. I am wondering where will brokerage plaforms (Uniregistry Markert, Godaddy for >$5000 USD transactions, DomainAgents, ...) will now send the buyers?
     
    Last edited: Jan 4, 2017
  10. Kate

    Kate Thinking inside the Box™ VIP ★★★★★★★★★★

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    Just logged in, but the notice doesn't show for me. I am wondering if this is new company policy, applying to all clients, or select clients only. Or if the new requirements stem from regulatory changes.
     
  11. creataweb

    creataweb Top Member VIP ★★★★★★★★★★

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    I think Escrow mentioned in another thread this was some sort of compliance update by law.

    Edit: Just logged in and checked, top of page says:

    "For regulatory and compliance reasons it is important that you verify your account. Verify your Account"
     
    Last edited: Jan 4, 2017
  12. alcy

    alcy Active Member VIP

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    yeah right.. by escrow.com law

    but.. okay.. let's wait and see a wave of all other escrow services out there asking now for ids and scans and fotos. not gonna happen. bye bye escrow.com.
     
  13. creataweb

    creataweb Top Member VIP ★★★★★★★★★★

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    Yeah I don't know anything about the legal requirements, just remembered I saw that posted by Jackson I believe. I will assume it is a legal thing for now.
     
  14. tonyk2000

    tonyk2000 Business Member Business Account ★★★★★★★★★★

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    Some years ago, escrow used to ask similar things from buyers who used Credit Cards. It took me just a few minutes to open an old email archive and find a very common buyers response:

    (quote begin)
    ===
    We went to the escrow.com web site, and found they require a Fax form with
    credit card information and Phote ID.

    This is unacceptable, from a security and fraud prevention point of view.
    You might call this paranoid, but I don't want credit card information and
    a photo ID floating around.

    In fact, the terms and conditions of all our credit cards. MC, Amex and
    Visa, states this is something you never should and must do.

    We either find another way to make the payment, PayPal, or forget about the
    transaction.
    ===
    (quote end)

    And, by the way, I can hardly imagine a corporate buyer - who just wants to purchase something (domain name) online - scanning and uploading their corporate documents in order to pay (maybe using verified company paypal or even bank transfer from a company account).
     
  15. alcy

    alcy Active Member VIP

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    well.. I am not saying I know either.
    I am just saying that unless all escrow services do it it has nothing to do with some legal general law thing. I don't think we need to be genius to figure that much out

    cheers
     
  16. wwwweb

    wwwweb Top Member VIP

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    You know where this is really going to hurt, is that $2,500 buyer who is going to be like sorry, I am buying a domain, not giving my whole ID portfolio, take it or leave it. Will lose customers thru this process, as legit as it might be, some people are just not willing to give up those details to buy a domain.
     
  17. pchip

    pchip Established Member ★★★★★★★★★★

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    That's unfortunate, will have to find another service.

    I know for one thing, I wouldn't recommend this service to any potential customer of mine, knowing the documents they are requesting.
     
  18. creataweb

    creataweb Top Member VIP ★★★★★★★★★★

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    Thankfully there are other options because I don't really want to upload all my docs either.
     
  19. Jurgen Wolf

    Jurgen Wolf Active Member VIP

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    The final reason for me to use Epik and Sedo escrow...
     
  20. bmugford

    bmugford www.DataCube.com PRO ICA Member VIP ★★★★★★★★★★

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    I just saw a notice on both my accounts as well. I have used escrow for hundreds of transactions buying and selling over many years.

    Escrow.com needs to let us know what is going on. Why is this information needed, especially for well established accounts?

    I don't really feel comfortable trusting a 3rd party with sensitive documents.

    Brad
     
  21. wwwweb

    wwwweb Top Member VIP

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    What buyer in their right mind is going to send these documents off to escrow, I mean we know who they are, and what not even though it is a new org behind the ownership, but a one off buyer doesn't have a clue.

    ID theft is a huge issue, and no real network is truly safe, as some of these guys are really good at what they can do. I mean Yahoo, Target, and countless other Fortune 500's have been hit. Consumer always loses.

    Payoneer anyone have details on them, I think their CC max is $2K, or has it been upped?
     
    Last edited: Jan 4, 2017
  22. bmugford

    bmugford www.DataCube.com PRO ICA Member VIP ★★★★★★★★★★

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    Many buyers use Escrow.com for a one off transaction. They are only buying one domain and will likely never use Escrow.com again.

    If a buyer needs to verify their account by providing information and documents, that is going to be a major issue going forward.

    Brad
     
  23. wwwweb

    wwwweb Top Member VIP

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    Essentially it will kill a large majority of the business.

    I remember before it was just the back, and front of the CC used to be a big issue, but DL, and Passports are very personal to people.

    Is anyone in the closing statement process today, are they holding funds back until completion, or are we still in a grace period, I have a few on the go, will know more by end of week.
     
  24. Jurgen Wolf

    Jurgen Wolf Active Member VIP

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    And per my understanding - many buyers will reject it as well.
     
  25. Jurgen Wolf

    Jurgen Wolf Active Member VIP

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    Chinese DN.com have the same requirement - and their popularity is minimal.
     
    Last edited: Jan 4, 2017

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