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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.
The new fraud alert system, Order Insights, helped protect over 130,000 files in November by automatically validating transaction data, notifying title agents of file discrepancies and identifying other potential fraud risk indicators, First American said Wednesday.
Stephen Vincini
“Dynamic fraud alerts help our agents deliver the certainty and trust needed to power seamless real estate transactions for their clients,” First American Title executive Stephen Vincini said in a statement.
According to the FBI’s most recent Internet Crime Report, real estate-related fraud losses totaled more than $145.2 million in 2023, making it the 11th-ranked category of Internet crime by dollars lost. First American Title’s parent company was itself the victim of a cyberattack last year that knocked its website offline.
Top Internet crimes by type and dollar losses
“BEC” stands for “business email compromise.” Source: FBI 2023 Internet Crime Report.
The Order Insights fraud alert system is now included with AgentNet Services, a digital storefront for First American Title’s products and services that launched in October.
Part of First American’s AgentNet technology platform, AgentNet Services provides a more efficient order entry process, flexible report and remit options, and access to back office services and title experts when needed.
The platform also includes AgentNet Knowledge, providing underwriting guidance, education and CE/CLE training courses; AgentNet Production, a cloud-based title and escrow closing solution; AgentNet Marketing, a secure portal for collaboration with on-demand customized quotes, property reports and farming tools; and AgentNet Finance, which provides compliance-driven banking and escrow accounting.
“Together with the fraud prevention tools, tips, and notifications in AgentNet Knowledge, a one-stop destination for industry-leading underwriting expertise, Order Insights is another high-value addition to the AgentNet platform and sets the stage for expanded real-time communication and fraud prevention tools in the near future,” First American said.
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