—Comprehensive wire verification service now standard for First American policy-issuing title agents—
SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation (NYSE: FAF), today announced that PCN Network’s SAFEvalidation® service, a robust wire verification offering designed exclusively for title agents, is now included with First American Title’s underwriting services at no additional charge for First American insured transactions.
Wire fraud is one of the biggest threats to everyone in a real estate transaction. As wire fraud continues to grow, title agents need premier tools to help protect their buyers, sellers and other real estate transaction participants. According to Federal Bureau of Investigation’s Internet Crime Complaint Center 2022 report, adjusted losses from business email compromise complaints exceeded $2.7 billion, an increase of $300 million from 2021.
“Combating the threat of wire fraud is a top priority for everyone involved in real estate transactions,” said Stephen Vincini, Agency Division President, First American Title Insurance Company. “Providing this comprehensive wire verification service at no additional cost reflects our commitment to empowering our title agents with cutting-edge tools that help provide a seamless and more secure transaction process that protects consumers.”
Accessed via a simple and secure portal, the SAFEvalidation service authenticates payee wire and bank account information using proprietary payoff authentication technology. PCN backs up its SAFEvalidation service by providing SAFEvalidation users up to $1 million insurance protection from a third-party insurance provider per transaction that SAFEvalidation authenticates.
For more information about PCN Network’s SAFEvalidation service or a product demonstration, visit firstam.us/protect-against-wire-fraud.
About PCN Network, LLC
PCN Network, LLC, is an affiliate of First American Title Insurance Company and a leading provider of cutting-edge wire verification services. With a mission to combat wire fraud and enhance security in real estate transactions, PCN Network leverages advanced technology to streamline processes and help protect title insurance agents from potential losses. More information about the company can be found at www.pcnclosings.com.
About First American Title Insurance Company
First American Title Insurance Company, the largest subsidiary of First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through its direct operations and an extensive network of agents throughout the United States and abroad. First American Title provides comprehensive title insurance coverage and professional services for real estate purchases, construction, refinances and equity loans. For more information, visit www.firstam.com/title.
About First American
First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $7.6 billion in 2022, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2023, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the eighth consecutive year and was named one of the 100 Best Workplaces for Innovators by Fast Company. More information about the company can be found at www.firstam.com.
Media Contact: Marcus Ginnaty Corporate Communications First American Financial Corporation (714) 250-3298
Investor Contact: Craig Barberio Investor Relations First American Financial Corporation (714) 250-5214
Source: First American Title Insurance Company