Title agents nationwide are gaining additional peace of mind knowing their customers’ funds are more secure with the industry leading account validation and authentication technology of the SAFEvalidation® service. Now available at no separate charge for First American insured transactions, the service is included with First American’s underwriting services.
In addition, PCN Network LLC, an affiliate of First American Title Insurance Company, will also carry $1 million in insurance coverage from a third party insurer, offering specific protection for title agents against losses arising from errors in the SAFEvalidation service process.
Why Title Agents Are Turning to the SAFEvalidation Service
Title agents face a growing threat of wire fraud, with FBI reports showing nearly $3 billion in business email compromise (BEC) losses in 2022 – a fourfold increase in just five years. Faced with this escalating risk, title agents are actively seeking solutions to help safeguard their clients’ funds.
The SAFEvalidation service is a powerful tool that title agents are turning to for added protection. In 2023 alone, title agents saved an impressive $113 million from potential wire fraud by leveraging the proprietary database technology of the SAFEvalidation service.
Exclusively tailored for title agents, the SAFEvalidation service stands out as a robust verification solution that validates payee and bank account information. Through its proprietary payoff authentication technology the service provides a secure portal, ensuring a smooth and protected transaction process.
Including the SAFEvalidation service with all First American underwriting services at no separate fee is a significant victory for First American’s title agent partners and the consumers they serve.
To learn more about reducing the risk of wire fraud with the added protection of the SAFEvalidation service, click here.