First American Title Insurance Company Enhances Wire Verification Service for Title Agents

First American Title Insurance Company, a leading provider of title insurance and settlement services, has announced an important enhancement to its underwriting services. The company has partnered with PCN Network’s SAFEvalidation® service to offer a comprehensive wire verification service to its policy-issuing title agents. This service, designed exclusively for title agents, will now be included with First American Title’s underwriting services at no additional charge for First American insured transactions.

Wire fraud has become a significant threat in real estate transactions, and its prevalence continues to grow. To combat this issue, title agents require advanced tools to protect buyers, sellers, and other participants in the transaction process. According to the Federal Bureau of Investigation’s Internet Crime Complaint Center, adjusted losses from business email compromise complaints exceeded $2.7 billion in 2022, highlighting the urgency to address wire fraud.

Stephen Vincini, Agency Division President of First American Title Insurance Company, emphasized the company’s commitment to empowering title agents with cutting-edge tools that ensure a seamless and secure transaction process. By providing the comprehensive wire verification service at no additional cost, First American aims to protect consumers and enhance the security of real estate transactions.

The SAFEvalidation service, accessible through a secure portal, offers payee wire and bank account information authentication using proprietary payoff authentication technology. To further strengthen the service, PCN Network provides up to $1 million insurance protection per transaction that SAFEvalidation authenticates, backed by a third-party insurance provider.

Title agents can find more information about PCN Network’s SAFEvalidation service and request a product demonstration by visiting firstam.us/protect-against-wire-fraud.

PCN Network, LLC, an affiliate of First American Title Insurance Company, is a leading provider of wire verification services. The company is dedicated to combating wire fraud and enhancing security in real estate transactions through advanced technology and streamlined processes. More information about PCN Network can be found at www.pcnclosings.com.

First American Title Insurance Company, a subsidiary of First American Financial Corporation, is one of the largest title insurers in the nation. With a history dating back to 1889, the company offers comprehensive title insurance coverage and professional services for various real estate transactions. For more information, visit www.firstam.com/title.

First American Financial Corporation is a premier provider of title, settlement, and risk solutions for real estate transactions. With over 130 years of experience, the company combines financial strength, innovative technologies, and unmatched data assets to lead the digital transformation of the industry. In addition to its core services, First American also offers data products, valuation services, mortgage subservicing, home warranty products, and banking and wealth management services. More information about the company can be found at www.firstam.com.

This enhancement to First American Title Insurance Company’s services will provide title agents with a powerful tool to combat wire fraud and protect all parties involved in real estate transactions. By prioritizing security and offering this comprehensive wire verification service, First American continues to demonstrate its commitment to the industry and its dedication to providing a seamless and secure transaction process.