First American Provides Wire Verification Service to Title Agents
October 5, 2023
First American Title Insurance Co. is now providing a wire verification service through PCN Network’s SAFEvalidation.
The service is available to title agents at no additional charge for First American insured transactions.
According to Federal Bureau of Investigation’s Internet Crime Complaint Center 2022 report, adjusted losses from business email compromise complaints exceeded $2.7 billion, an increase of $300 million from 2021.
“Combating the threat of wire fraud is a top priority for everyone involved in real estate transactions,” said Stephen Vincini, president of First American’s Agency Division. “Providing this comprehensive wire verification service at no additional cost reflects our commitment to empowering our title agents with cutting-edge tools that help provide a seamless and more secure transaction process that protects consumers.”
Accessed via a secure portal, the SAFEvalidation service authenticates payee wire and bank account information using proprietary payoff authentication technology. PCN backs up its SAFEvalidation service by providing users up to $1 million insurance protection from a third-party insurance provider per transaction that the service authenticates.
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