Manatee Title: Keeping a Close Eye on Fraud
Fighting fraud with technology and human tenacity
In the title industry, few transactions raise eyebrows faster than vacant land. These deals are highly susceptible to fraud, which made Manatee Title Closing Officer Nikki Vantilburg understandably cautious when a recent vacant land transaction landed on her desk. Noticing obvious warning signs about the transaction right off the bat, Nikki decided to investigate further and deploy Alliant National’s new fraud detection tool, SecureMyTransaction, as an additional safeguard. By taking these steps, she confirmed her suspicions, prevented loss and ended up being recognized by Alliant National’s crime watch program. Her example shows how combining human tenacity with technology leads to safer, more successful transactions.
A common problem
Vacant land transactions are far from uncommon in the title industry. “We get a lot of them in Citrus County,” said Vantilburg. But familiar never means free from risk. Title professionals must often apply greater scrutiny to vacant land deals than they might to other transaction types, as they often have characteristics that make them targets for fraudsters, like:
- Absentee owners
- Dense ownership histories
- Complex zoning requirements; and
- Lack of a clear title
As an experienced agent, Vantilburg is well-versed in the risks involved with processing vacant land transactions. That’s why she took particular care when examining a recent vacant lot transaction that was located not far from Manatee Title’s Florida offices.
Checking and double checking the data
The first thing Vantilburg did after opening her investigation was to double check the transaction’s information by utilizing tools and information provided by Alliant National. “We had gotten some literature and tips from Alliant National a while back, [saying to] check if there’s a [listing] agent involved and see [if] they have met the seller in person,” said Vantilburg. Connecting with the agent did little to allay her concerns, however, as they had never met the purported seller. Further digging yielded fresh red flags. These included tax documents that showed that the seller’s location was in Ontario and an ID with inconsistent fonts throughout the document.
Multiple layers of proof
Reviewing these warning signs, the Manatee Title team concluded that they likely could not move forward, and instead, would work to establish “multiple layers of proof” that the transaction was indeed fraudulent. To accomplish this, Vantilburg turned to Alliant National’s new fraud prevention and identity verification tool, SecureMyTransaction. She quickly set up the file and sent out the link to the “seller.”
“I didn’t hear anything for over 24 hours,” she said. “He then finally answers me and says, ‘You know, well, I’ve had a security compromise with my computer. So unfortunately, I can’t click on any links because it crashed my computer.’ He then sent me the same ID that he had sent to the listing agent – you know, the fake ID.”
The final straw
After taking all these steps, Vantilburg had a final card to play to establish that the transaction was fraudulent. During her initial research before deploying SecureMyTransaction, she found the obituary of the seller’s wife, which listed that she had been deceased since 2017. After the “seller” refused to engage with SecureMyTransaction and offered to send his ID instead, Vantilburg casually asked him if he and his wife would be signing the transaction documents together. He responded that they would – proving that he was a fraudster operating in bad faith. This was all Vantilburg needed to conclude her investigation, deem the transaction fraudulent and notify relevant parties.
Using all available means to defeat fraudsters
Manatee Title’s handling of this transaction serves as an informative blueprint for responding to endemic fraud within the title industry. Vantilburg’s savvy research skills provided evidence that the transaction was likely illegitimate. The seller’s unwillingness to cooperate with the agency’s fraud detection tool furthered these suspicions.
All in all, the experience showed how combining technology and old-fashioned human tenacity is a formidable way to beat fraudsters at their own game. Reflecting, Vantilburg echoed these sentiments: “Make sure the person you’re working with is doing what they are supposed to be doing. And sign up for SecureMyTransaction. If they aren’t willing to cooperate with the tool and with your efforts to secure the process, that’s a pretty big indication that there might be a problem.”
Are you an Alliant National agent who has detected a fraudulent transaction in your work? Learn more about the Alliant National crime watch program. And if you’d like to get started with SecureMyTransaction in your agency, you can learn more about the product here.
