Order Insights helped protect more than 130,000 files in November by verifying transaction data, informing subject representatives of differences and identifying other potential fraud indicators.
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Saying fraud continues to challenge the real estate industry, First American Title Insurance Company has added real-time fraud alerts to its AgentNet technology platform.
A new fraud alert system, Order Insights, helped protect more than 130,000 files in November by automatically validating transaction data, alerting title agents of file discrepancies and identifying other potential fraud risk indicators, First American said Wednesday.
Stephen Vinci
“Powerful fraud alerts help our agents bring the certainty and confidence needed to power real estate transactions for their clients,” First American Title CEO Stephen Vincini said in a statement.
According to the most recent FBI’s Internet Crime Report, fraud losses related to real estate will reach more than $145.2 million by 2023, making it the 11th largest cybercrime in lost dollars. First American Title’s parent company was also the victim of a cyber attack last year that took its website offline.
Top cyber crime by type and dollar loss
The word “BEC” stands for “business email compromise.” Source: FBI 2023 Internet Crime Report.
The Order Insights fraud alert system is now included with AgentNet Services, the digital storefront for First American Title products and services launched in October.
Part of First American’s AgentNet technology platform, AgentNet Services provide a more efficient ordering process, flexible report and shipping options, and access to back office services and subject matter experts when needed.
The platform also includes AgentNet information, which provides underwriting guidance, education and CE/CLE training courses; AgentNet Production, a cloud-based title and escrow solution; AgentNet Marketing, a secure portal to interact with customized on-demand quotes, property reports and marketing tools; and AgentNet Finance, which offers compliance-driven banking and escrow accounting.
“Along with the fraud prevention tools, tips, and alerts in AgentNet Knowledge, a one-stop shop for industry-leading underwriting technology, Order Insights is another high-value addition to the AgentNet platform and sets the stage for enhanced real-time communication. and fraud prevention tools in the near future,” said First American.
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