We don’t just streamline your transaction. We to protect the.

Every year we see more attempts to transfer transaction funds directly to fraudsters’ bank accounts – and every year these fraudsters get more sneaky. In fact, scammers target a third of all property transfer transactions, according to: HIGH[i], and in 2020 alone, more than $213 million in real estate funds went straight into the pockets of fraudsters through fraudulent wire transfers[ii]

Unfortunately, when transaction parties underestimate the threat of wire fraud and ignore strict security protocols, they leave millions on the table for fraudsters to claim.

At First American Title National Commercial Services, we work diligently to protect our customers’ money from fraud – and build the technology that provides even more security for your transactions.

Our latest technology, ClarityFirst®, not only streamlines your transaction; The platform’s state-of-the-art wire authentication software protects your wire transfer transactions, giving you the peace of mind you’ve come to rely on from First American.

Together, we have prevented a remarkable number of title transaction fraud attempts so far in 2021. And with your help – and your commitment to ClarityFirst – we will continue to stop cybercriminals in their tracks.

Securing your transaction

Recently, ALTA[iii] reported a new scheme that cybercriminals use to impersonate lenders with the intent to provoke the payment of mortgage payments. According to the Secret Service, criminals send fictitious or altered mortgage payment statements directly to title companies. With this in mind, the Secret Service has issued title trade best practices, which First American strictly follows:

  • Update policies and procedures to ensure proper verification of information before funds are released.
  • Obtain mortgage amortization statements independently and confirm with verified and trusted sources.
  • Independently verify the authenticity of information in correspondence and statements.
  • Do not rely on third parties, such as mortgage lenders or other transaction participants, for information.
  • Restrict transfers to known and previously verified accounts.
  • Pay by checks when the information cannot be independently verified.
  • Provide a clear and detailed Incident Response Plan. ALTA has developed a Rapid Response Plan for Wire Fraud Incidents. Access to the plan, as well as other money transfer resources, here.

Stay vigilant. Use ClarityFirst

While your caution and attention to detail remains our best defense against fraud, we also encourage you to use ClarityFirst’s advanced technology to securely verify all wire instructions. If you haven’t used yet Clarity First, contact your First American account representative to get started.

Together we can continue to ensure efficient, transparent and Certainly transactions.

[i] https://blog.alta.org/2021/04/survey-title-professionals-targeted-for-wire-fraud-in-a-third-of-all-transactions.html

[ii] https://www.nar.realtor/wire-fraud#section-180332

[iii] https://www.alta.org/news/news.cfm?20210525-Wire-Transfer-Scheme-Targets-Mortgage-Payoffs-Secret-Service-Warns