Business, Free News Articles, Product Launches, Real Estate

World Class Title Launches WCTALWAYS SECURE PLAN Against Real Estate Title Fraud

COLUMBUS, Ohio -- World Class Title, a tech forward real estate title agency licensed in Ohio, Florida, Kentucky, Pennsylvania, Michigan and New Jersey, announces its successful launch of the WCTALWAYS SECURE PLAN(TM) (WCTAPP). WCTAPP is a multi-level approach to prevent real estate wire fraud within title transactions.

It consists of using secured email within every transaction, ALWAYS. In addition, it includes using SafeWire(TM) to send secured wire instructions and authenticate that parties in the transaction are who they say they are, ALWAYS. And finally, people. Thoroughly trained title professionals communicating early and often with consumers to keep their funds safe.

According to the Treasury Department's Financial Crimes Enforcement Network (FinCEN), real estate wire fraud is estimated to cost the real estate industry approximately $48 million a month.

"Unfortunately, this problem is going to get worse before it gets better. And it's up to us to fix it. According to NAR, consumers have a 63% satisfaction rate of a traditional real estate transaction. What happens if they are no longer confident that their funds are safe anymore? If that number becomes 43%, our industry is in a lot of trouble," said Chris Sauerzopf, co-owner of World Class Title and co-founder of SafeWire.

"World Class Title is proud to continue leading the title industry with cutting edge technology and processes to keep clients, consumers and our industry safe from wire fraud," said Kelley Shumaker, co-owner of World Class Title.

About World Class Title:

World Class Title (WCT) is a group of real estate title experts who work tirelessly to elevate the real estate closing process. Licensed in six states (Ohio, Florida, Kentucky, Pennsylvania, Michigan and New Jersey), WCT uses technology, social media, professional photography, video and sophisticated marketing strategies to help REALTORS and mortgage professionals increase their business. WCT focuses and invests heavily in improving the consumer experience by offering remote closings, digital signing, convenient SwiftSellerSignings(TM) and more!

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Business, Free News Articles, Software

One of the Largest Independent Title Companies in Texas Expands Use of SafeWire to All 25 Offices

COLUMBUS, Ohio -- SafeChain, the industry leader in wire fraud prevention software and blockchain implementation for land title, announced today that Providence Title, one of the largest independent title companies in Texas, has expanded its deployment of SafeWire(TM) to include all 25 offices throughout the state. Moving forward, Providence Title's network of agents will use SafeWire to verify the identities of transaction participants, authenticate bank account ownership as well as securely store and transmit wiring instructions.

"Trust is paramount to the real estate transaction, and with wire fraud continuing to threaten our industry, we needed to do everything in our power to help our customers' ensure their transactions are secure," said Dan Foster, CEO of Providence Title. "Combatting wire fraud has been a major initiative for us, and SafeChain was the best partner we could have chosen to help us achieve our goals. Every title company needs to move to a platform like this."

SafeWire ensures the integrity and security of real estate wire transactions. The platform leverages bank-level authentication and blockchain technology to prevent unauthorized parties from taking part in the transaction, tampering with transaction information or intercepting wire funds.

While business email compromise (BEC) schemes - the most common method of committing wire fraud - are on the rise across all industries, the real estate sector has been a particular area of focus for fraudsters. According to FBI data, from June 2016 to May 2018 real estate BEC schemes resulted in more than $1.6 billion in losses in the U.S. As government agencies consider regulatory changes to address the growing problem, such as requiring payee matching for all wire transactions, title companies have turned to platforms like SafeWire, which already includes payee matching, for a more immediate solution.

"Wire fraud isn't going away, and if the real estate industry continues to rely on antiquated technology and processes, the easier it becomes for fraudsters to hijack these transactions," said Tony Franco, CEO and co-founder of SafeChain. "SafeChain firmly believes in the power of technology and education to address this issue, and we're increasingly seeing title agents buy in to this shared vision, with companies like Providence Title paving the way for their peers."

About SafeChain:

SafeChain makes real estate transactions safer and modernizes operations for both the public and private sectors of the land title industry. Built by real estate title experts in collaboration with banking technologists, SafeChain tackles the inefficiencies of the home buying and selling process from the inside-out to help title companies, mortgage bankers, realtors and local governments decrease costs and deliver a better experience for customers. Leveraging the most advanced technologies, including blockchain, SafeChain increases the speed and security of real estate closings to deliver faster transactions and better consumer confidence.

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