No one thinks that they will be a victim of fraud, especially since most people assume that only senior citizens are victims of these types of crimes. But, with the advancements of both technology and cybercrime, fraud is at a record high, especially in the title industry. According to Closing Lock, “from 2015 to 2017, there was a 1100% rise in the number of people reporting BEC [Business E-mail Compromise] scams involving real estate transactions.” Fraud is the last thing that your clients want to worry about when they are purchasing a home or commercial property. Title companies need to stay up-to-date on fraud prevention and protection to help protect their clients.
Wire Fraud
When someone is purchasing a home, multiple parties are involved and usually, everyone communicates electronically. That makes it easy for a fraudster to find all the sensitive information they need through one hacked email account. What’s more, many buyers do not know that banks are not liable for failing to stop a fraudulent real estate transaction. Meaning that once the money is gone, it’s gone for good. If a title company is not taking the proper steps to validate a person’s device and identity it can be easy for someone to fall victim to this crime.
Verified Wiring Instructions
In response to the growing cybercrime in the U.S., Proliant has integrated CertifID to mitigate wire fraud risks. CertifID protects the transfer of funds by allowing title agencies to confirm the identity of all parties in a transaction and securely send and confirm wiring instructions before funds are transferred. This process eliminates the risk of wire fraud and offers protection for our franchisees and their clients.
Check Fraud
With so many transactions occurring online, it’s easy to forget that check fraud is still a big problem. With the advancement of technology, criminals use their laptops, design software, and high-end printers to create realistic-looking fake checks that often escape detection when checks are presented to the title company. And with more and more people using their smartphones to electronically deposit a check, mobile-based check fraud has grown. Though there are simple ways someone can protect their checks from fraudsters, like making sure to never use public Wi-Fi when depositing a check or even accessing their bank account, a title company needs to implement extra measures to ensure their clients’ information is safe.
Proliant Settlement Systems is Taking a Stand Against Fraud
At Proliant, our goal is to protect our franchisees’ information so they can successfully and confidently operate their business. And with current best practices in the industry not keeping pace with the velocity and tactfulness of wire and check fraud attacks title companies need to do more to protect their cleints. Through our best-in-class fraud-protection software, our franchisees can verify wiring instructions and mitigate the risk of wire fraud during the closing process.
We also provide all franchisees with an integrated check Positive Pay service that provides early detection of any fraudulent, altered, or counterfeit checks. This process verifies that checks honored for payment are the legitimate checks you have issued from your account and virtually eliminates check fraud.
At Proliant, we are continuously expanding the list of benefits we provide to our franchisees to help prevent fraud. With Proliant providing all the tools and expertise necessary for success, you can focus entirely on your clients and your services. Start your title company journey with Proliant, a name people trust.