ORANGE COAST TITLE FIGHTS BACK ON GROWING WIRE FRAUD CONCERNS
Santa Ana, July 23, 2019
Orange Coast Title Company is firing back in the war against cyber fraud. The company has always required extensive, mandatory training for all of its title and escrow personnel, and has implemented many safe guards to ward off possible threats. But this year, the company took a major step to ensure safe, reliable communication between buyer, borrower, seller and escrow. Orange Coast Title has developed the “ClosingWires” app. “ClosingWires” is a secure app that the company will urge its customers to use for wire instructions rather than relying on an email system that can be vulnerable.
This year marks the 45th anniversary since founder John Marconi opened the company in Santa Ana. Orange Coast has expanded aggressively, and now services 47 states and employs over 800 people. Orange Coast Title Company has always had the attitude and strategy to close tough transactions, and put the needs of their customers first. The company’s motto is ‘Customer is King’!
Wire fraud continues to be a growing concern for title companies, mortgage lenders and banking institutions. In 2016 the number of wire fraud scams reported by title companies to the Internet Crime Complaint Center spiked 480%, according to the FBI. In 2017, losses due to cyber fraud hit $7 billion. Scammers are tricking new homebuyers into wiring their down payment on the day of closing to a fraudulent offshore account. Victims have lost six-figure sums, and in many cases, their entire life savings due to these scams. Real estate transactions have become a target for criminals . Vulnerable email accounts get compromised by hackers and emails get “spoofed” in order for them to gain access which enables the fraud. “ClosingWires” is Orange Coast Title’s proprietary app that the company developed to allow for safe communication regarding wire and banking information. All that is required by the customer is a smart phone! For those customers who do not have a smart phone or choose not to use “Closing Wires” Orange Coast Title will still close the transaction but will add extra precautionary security measures for the consumers protection to verify the wire information and that may cause delays.
Orange Coast Title created “Closing Wires” in order to reduce the chance of consumers funds being stolen by criminals.
About the company: Orange Coast Title is a one-stop connection for real estate information. Orange Coast brings powerful tools to buyers, sellers, lenders and real estate professionals.
Orange Coast has been serving the real estate consumers and professionals in Southern California since 1974 and has successfully expanded throughout the United States. As they continue their growth and success, they remain ready to stand behind their COMMITMENT TO SERVICE!
All of the Orange Coast Title Family of Companies’ searching, examining, and typing of preliminary reports and policies for all resale transactions generated in California, are performed by Californians and potential home buyers and borrowers!