Comprehensive wire confirmation service now basic for Very first American policy-issuing title agents
October 5, 2023, Santa Ana, Calif.
. First American Title Insurance Provider, a leading provider of title insurance coverage and settlement services and the biggest subsidiary of First American Financial Corporation (NYSE: FAF), today revealed that PCN Network’s SAFEvalidation ® service, a robust wire verification providing developed solely for title representatives, is now consisted of with Very first American Title’s underwriting services at no added fee for Very first American insured transactions.
Wire fraud is one of the greatest threats to everyone in a real estate deal. As wire scams continues to grow, title representatives need premier tools to assist protect their purchasers, sellers and other property deal participants. According to Federal Bureau of Examination’s Internet Criminal activity Problem Center 2022 report, adjusted losses from organization email compromise complaints went beyond $2.7 billion, an increase of $300 million from 2021.
“Combating the danger of wire fraud is a leading concern for everyone involved in property deals,” stated Stephen Vincini, Agency Division President, First American Title Insurer. “Offering this detailed wire verification service at no additional expense reflects our dedication to empowering our title agents with cutting-edge tools that help supply a seamless and more secure deal procedure that protects customers.”
Accessed via a basic and secure portal, the SAFEvalidation service validates payee wire and bank account info using proprietary benefit authentication innovation. PCN backs up its SAFEvalidation service by supplying SAFEvalidation users as much as $1 million insurance coverage defense from a third-party insurance provider per deal that SAFEvalidation authenticates.
For more details about PCN Network’s SAFEvalidationservice or a product presentation, check out firstam.us/ protect-against-wire-fraud.
About PCN Network, LLC
PCN Network, LLC, is an affiliate of Very first American Title Insurance Company and a leading supplier of innovative wire verification services. With a mission to fight wire scams and improve security in property deals, PCN Network leverages advanced innovation to improve procedures and help protect title insurance representatives from prospective losses. More details about the company can be found at www.pcnclosings.com.
About First American Title Insurer
First American Title Insurance Company, the largest subsidiary of Very first American Financial Corporation (NYSE: FAF), traces its history to 1889. Among the largest title insurance companies in the country, the company uses title services through its direct operations and a substantial network of representatives throughout the United States and abroad. First American Title supplies extensive title insurance coverage and expert services genuine estate purchases, building, refinances and equity loans. For additional information, see www.firstam.com/title. About Very first American Very first American
Financial Corporation
(NYSE: FAF)is a premier service provider of title, settlement and danger options genuine estate deals. With its combination of monetary strength and stability developed over more than 130 years, innovative proprietary technologies, and unequaled data assets, the business is leading the digital improvement of its market. First American likewise supplies information products to the title industry and other third parties; assessment product or services; home loan subservicing; home warranty products; banking, trust and wealth management services; and other associated services and products. With overall earnings of$7.6 billion in 2022, the business uses its product or services directly and through its agents throughout the United States and abroad. In 2023, First American was named among the 100 Best Business to Work For by Great Place to Work ® and Fortune Publication for the eighth consecutive year and was named among the 100 Best Work Environments for Innovators by Fast Company. More details about the business can be discovered at www.firstam.com.