Westcor Land Title Insurance Company has launched val-Wire by Westcor, a wire verification tool delivers protection for title agents and keeps them ahead of real estate fraudsters.
Powered by advanced verification technology and engineered by GridBase, val-Wire empowers title agents with an additional layer of security when validating wire instructions, reducing the risk of fraud and ensuring the integrity of financial transactions.
By leveraging real-time data validation and account verification, this tool along with agent’s current wire confirmation best practices assists in confirming that wire instructions are legitimate before funds are transferred. It integrates seamlessly into title workflows, enabling agents to authenticate financial transactions with precision and speed.
By coupling val-Wire with val-ID, Westcor is addressing fraud in two of the highest risk areas of the transaction, ensuring that both the identity of the individuals involved and the wire instructions themselves are verified. This dual-layered approach strengthens security at every critical touchpoint, giving title agents a comprehensive fraud prevention solution.
“Wire fraud remains a top concern for title agents, lenders, and their clients, and Westcor is committed to providing innovative solutions that deter and mitigate these risks,” says Michael Schefstad, chief financial officer at Westcor, in a release. “The launch of val-Wire is a major step forward in safeguarding real estate transactions and giving our agents the additional confidence they need when verifying wire instructions.”
Photo: Aryan Dhiman