Wire Fraud is Rampant – How Title Agents Are Finding Help

The elevated risk of wire fraud is a major concern for title agents. Last year, nearly $3 billion in business email compromise losses were reported by the FBI – a 4X increase in just five years.

But as many title agents search for solutions to help mitigate the risk of their clients’ funds ending up in the wrong hands, many have discovered a way to provide additional protection by turning to a service that validates payoff wire instructions – the SAFEvalidation® service.

In 2023, title agents saved an impressive $113 million in potential wire fraud using the proprietary database technology of the SAFEvalidation service.

Designed exclusively for title agents, the SAFEvalidation service is a robust verification service that authenticates payee and bank account information. It harnesses proprietary payoff authentication technology and provides a simple and secure portal to validate payee wire information, ensuring a seamless and secure transaction process.

PCN Network, LLC an affiliate of First American Title Insurance Company, recently announced that their SAFEvalidation service will now be included in underwriting services for First American insured transactions at no separate charge.

To further enhance agent confidence, PCN Network has $1 million insurance coverage from a third-party insurer. This insurance provides certain protection for title agents against losses resulting from PCN Network’s errors in the SAFEvalidation service process.

The SAFEvalidation service with all First American underwriting services at no separate fee is a big win for First American insured consumers, First American and its title agent partners. Title agents have been enthusiastic about the service and its benefits, praising the fast, simple, and accurate validation process. With no set-up fees and an onboarding process that takes just minutes, agents are finding it easy to take advantage of the service.