More specifically, the organization has adopted SafeChain’s blockchain-based SafeWire solution to verify identity and account ownership and shield wiring instructions from fraud attempts.
Texan Title’s family of title companies includes South Land Title, Prominent Title, Washington County Abstract, Guaranty Title Company of Grimes County and Security Title.
“As Texan Title seeks to drive more robust growth, we are also keenly aware of maintaining the security and integrity of our clients’ transactions,” says Todd Purifoy, chief information officer at Texan Title, in a release. “To that end, as we seek to leverage blockchain throughout all of our operations, SafeWire was the clear choice for helping us prevent wire fraud and protect our clients’ funds, as it is the industry’s only wire fraud prevention platform leveraging blockchain today.”
SafeWire enables title agents to conduct identity verification and account ownership authentication on both the buyer and seller in the real estate transaction to prevent wire transfers to unauthorized parties and/or accounts.
The platform uses blockchain technology to securely store and transmit wiring instructions, thus circumventing the major source of wire fraud today – business email compromise schemes.