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We don’t simply streamline your transaction. We shield it.

Every year, we see extra makes an attempt to divert transactional funds immediately into fraudsters financial institution accounts – and yearly, these fraudsters get sneakier. In actual fact, scammers goal a 3rd of all title wire transactions, in line with ALTA[i], and in 2020 alone, greater than $213 million in actual property funds went immediately into fraudster’s pockets by means of fraudulent wires[ii]

Sadly, when transactional events underestimate the specter of wire fraud and neglect strict safety protocols, they go away tens of millions on the desk for fraudsters to say.

At First American Title Nationwide Industrial Companies, we’re working diligently to guard our purchasers’ funds from fraud – and constructing the expertise that gives even larger safety in your transactions.

Our newest expertise, ClarityFirst®, doesn’t simply streamline your transaction; the platform’s state-of-the-art wire verification software program protects your wire transaction, supplying you with the peace of thoughts you’ve come to depend on from First American.

Collectively, we’ve prevented a notable quantity of fraud makes an attempt on title transaction wires to this point in 2021. And along with your assist – and your dedication to ClarityFirst – we’ll proceed stopping cybercriminals of their tracks.

Safeguarding your transaction

Lately, ALTA[iii] reported a brand new scheme cybercriminals are utilizing to impersonate lenders with the intent to elicit fee of mortgage payoffs. In line with the Secret Service, criminals ship fictitious or altered mortgage payoff statements on to title firms. With this in thoughts, the Secret Service issued finest practices for title transactions, which First American is strictly following:

  • Replace insurance policies and procedures to make sure correct verification of knowledge earlier than releasing funds.
  • Independently acquire mortgage payoff statements and make sure with verified and trusted sources.
  • Independently confirm the authenticity of knowledge included in correspondence and statements.
  • Don’t depend on third events, reminiscent of mortgagors or different transaction individuals, for info.
  • Limit wire transfers to recognized and beforehand verified accounts.
  • Pay utilizing checks when the data can’t be independently verified.
  • Have a transparent and detailed Incident Response Plan. ALTA has developed a Fast Response Plan for Wire Fraud Incidents. Entry the plan, in addition to different wire fraud assets, here.

Keep Vigilant. Use ClarityFirst

Whereas your cautiousness and a focus to element stay our greatest safeguard towards fraud, we additionally encourage you to make use of ClarityFirst’s cutting-edge expertise to securely confirm all wire directions. Should you’re not already utilizing ClarityFirst, please attain out to your First American account consultant to get began.

Collectively, we are able to proceed to make sure environment friendly, clear and safe transactions.

[i] https://blog.alta.org/2021/04/survey-title-professionals-targeted-for-wire-fraud-in-a-third-of-all-transactions.html

[ii] https://www.nar.realtor/wire-fraud#section-180332

[iii] https://www.alta.org/information/information.cfm?20210525-Wire-Switch-Scheme-Targets-Mortgage-Payoffs-Secret-Service-Warns

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