California-based Orange Coast Title Co. has developed a closing app it said is designed to ensure safe, reliable communication between buyer, borrower, seller and escrow.
Orange Coast said it will urge customers to use its “ClosingWires” app for wire instructions rather than relying on email systems that can be vulnerable.
Wire fraud continues to be a problem throughout the industry. In 2016, wire fraud scams reported by title companies to the Internet Crime Complaint Center jumped 480 percent, according to the FBI. In 2017, losses due to cyberfraud hit $7 billion.
To use the app, customers must have a smart phone. For customers who do not have a smart phone or choose not to use the app, Orange Coast said it still will close the transaction but will add extra precautionary security measures for the consumers’ protection to verify the wire information and that may cause delays.
Orange Coast said it has always required extensive, mandatory training for all of its title and escrow personnel, and has implemented many safeguards to ward off possible threats.
Started in 1974 in Santa Ana, Calif., Orange Coast services 47 states and employs more than 800 people.