3 technology solutions helping to fight back against wire fraud

The success of wire fraud has reached unbelievable loss statistics.

Numerous articles, videos, newsletters, television broadcasts and other forms of media are constantly publicizing successful scams with the goal of spreading awareness so that we escrow officers and customers know how to recognize attempted fraud and can take the necessary precautions to avoid becoming a victim.

Fraudsters are fluid, ever-creative and extremely clever in their efforts to breach computer systems with false pretenses and technology tools to interject themselves into the electronic communications channels.

For those unsuspecting and vulnerable persons, the consequences can be devastating. Lifetime savings can be lost within seconds. And, even the most wary of individuals have been scammed.

While purchasing a new home should be a wonderful and happy experience, a transaction beset by wire fraud can quickly become a nightmare.

Recognizing a problem that is spiraling out of control, some enterprising business folks have come up with new technology tools that purport to combat wire fraud by preventing the fraudsters from getting access to the wire information.

That’s not to say that industry and consumer awareness are not critical elements of an effective defense, but an integrated technology security system can provide extra safety measures in an environment fraught with danger.

Who are these technology wire-fraud defenders and what do they do? We’ll discuss three of these companies:

1. CertifID identifies itself as “a real-time identity platform for real estate, mortgage and title industry professionals to authenticate parties in a transaction and securely transfer bank account information.” See Certified FAQ webpage. Processes referenced in the FAQs, (also entitled “Help Center” at the top of the webpage) are:

  • Digital Verification
  • Knowledge Based Authentication
  • Two-Factor Authentication
  • Bank Account Certification
  • CertifID offers a free trial for interested parties.

2. Vialok (powered by Keypasco) markets itself as a “secure alternative to email that provides real estate and title professionals with a cost-effective, easy-to-use solution that stope wire fraud before it happens.” See Vialock Interactive flyer. Features referenced in the flyer include:

  • Multichannel Authentication
  • Device-backed Security
  • From its homepage, Vialok invites interested parties to schedule a demonstration.

3. Safechain’s Safewire states that it “uses a combination of identity verification and bank authentication technology to help Title Agents eliminate the threat of wire fraud and keep their customer’s funds safe.” Safewire references the following safety feature implementations:

  • Verified ownership of bank accounts (“verify bank account ownership”)
  • Secure wire transactions (“secure wire instruction protocols”)
  • Client identity verification
  • From its homepage, Safewire offers viewers the opportunity to request a demonstration.

While Alliant National is not endorsing any particular vendor (discussed above), we are bringing the information about this type of new product to you.

You have the ability to do your own research to determine if any of the offered security products might be good options for you and your customers.

Ask for a demonstration or free trial, if you wish; you can ask for pricing, whether the product is backed by an insurance policy and any other information that is useful and important to your business.

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This blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on this blog.

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