Qualia announced the release of new security features within its wire fraud detection product, Qualia Shield.
Launched in October 2023, Shield was designed to provide title and escrow professionals with tools to help mitigate wire fraud. The new updates include identity verification for all transaction parties, wire fraud risk assessment and enhanced buyer education tools.
By expanding the abilities of Shield, Qualia seeks to help title and escrow companies arm themselves against the persistent threat of wire fraud.
“Fraudsters keep coming up with new and different ways to try and cheat either the title company or our consumers out of money. With Qualia, I know that our data is safe, and it truly brings me a peace that I didn’t have for a few years,” Debbie Schoenborn, president of Paramount Title Agency, said in a release
With identity verification for Qualia Shield, sellers scan their IDs via mobile phone and receive an analysis of the barcode to determine if the ID is government-issued. Shield also scans facial geometry and calculates a similarity score between the photo ID and the facial scan.
This unique method verifies the person with 99 percent accuracy, according to Qualia. For agents operating on Qualia’s platform, this can all be accomplished without leaving their title production software, the company added.
“Wire fraud poses an enormous financial threat to the industry, and it happens every day. Our goal with Shield is to provide a fully integrated solution to help title and escrow companies mitigate their risk of falling victim to wire fraud, while providing their clients a great closing experience,” Charlotte Brown, vice president of product at Qualia, said. “The addition of identity verification for all parties is a continuation of our commitment to provide customers with the most advanced and reliable tools to safeguard their clients and their business.”
In addition to identity verification, Shield offers a multivariable assessment of wire instructions that examines the bank routing number, account number, and account ownership, while reviewing other fraudulent patterns to determine the risk of fraud. A new risk assessment review feature allows team members to examine and acknowledge the risk assessment findings on every wire, adding another layer of protection.
To help title and escrow companies educate their clients on the risks of wire fraud, Qualia also has added educational content to Shield that provides homebuyers with security tips for a safe closing.