PCN Network’s SAFEvalidation service, a wire verification offering designed for title agents, is now included with First American Title’s underwriting services.
The service is at no additional charge for First American insured transactions.
Wire fraud is one of the biggest threats to everyone in a real estate transaction, First American says in a release. As wire fraud continues to grow, title agents need premier tools to help protect their buyers, sellers and other real estate transaction participants.
According to Federal Bureau of Investigation’s Internet Crime Complaint Center 2022 report, adjusted losses from business email compromise complaints exceeded $2.7 billion, an increase of $300 million from 2021.
“Combating the threat of wire fraud is a top priority for everyone involved in real estate transactions,” says Stephen Vincini, agency division president, First American Title Insurance Company, in the release. “Providing this comprehensive wire verification service at no additional cost reflects our commitment to empowering our title agents with cutting-edge tools that help provide a seamless and more secure transaction process that protects consumers.”
Accessed via a simple and secure portal, the SAFEvalidation service authenticates payee wire and bank account information using proprietary payoff authentication technology.
PCN backs up its SAFEvalidation service by providing SAFEvalidation users up to $1 million insurance protection from a third-party insurance provider per transaction that SAFEvalidation authenticates.
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