First American Title Presents “Order Insights”: Real-Time Fraud Alerts for Deed Transfers

Fraudsters never rest. So it’s good to know that one of the major U.S. title companies is fortifying its security system to protect deed transactions from bad actors.

First American Title, the well-known title insurance and settlement services firm, has introduced Order Insights. The company calls it a real-time, transaction-based fraud alert system. All agents who issue title insurance policies for First American Title Insurance Company will have this new data protection system.

Here’s a rundown of what we like about this news. For us, it comes down to how people’s data files are being protected through some of the most impactful business in our lives: deed transactions.

Behind the Scenes: How Does the Fraud Prevention Tool Work?

Order Insights is now integrated into First American’s AgentNet® Services. This is where title agents shop for First American Title offerings.

Agents, and their customers, will now benefit from this important piece in the firm’s digital security toolbox.

According to First American’s recent press releases, the Order Insights tool works like this:

• The agent enters a transaction through First American Title’s agent services platform. (First American provides its products and services directly, and also through its agents, nationwide and internationally.)

• Order Insights validates the data entry, automatically.

• The agent receives an alert if there is any mismatched data in documents, or any further signs of possible interception.  

• The agent is assured (and can let the customer know) that the real estate transaction has been reviewed for potential fraud.

The dynamic fraud alerts let agents provide the trust needed to handle deed transactions smoothly for their clients. Lots of them. In a month after the new feature was launched, the company reports, real-time data verification with Order Insights “helped to protect more than 130,000 transaction files.”  

Agents seeking further information can call a First American sales rep or visit the sign-in page for agents at FirstAm.com/AgentNet. But everyone should be aware of steps being taken to protect our data.

Why It Matters to Us All

Anyone working with deeds in the digital age needs to know their title companies have leading-edge security technology to safeguard transactions. We entrust our personal and financial profiles to firms, through their online portals. They must be equipped to keep our data secure.

In fact, the entire country is strengthened by sound cybersecurity. The Federal Reserve Board actively tracks risks and emerging threats that affect the economy as a whole. Online risks have risen to a top national priority. These risks include complex and continuing threats within the U.S. financial sector. And so, under state and federal law, financial offices must protect their customers’ data.

Financial firms make up a frequently attacked sector, based on the number of incident reports. U.S. firms are the most targeted, together with offices in Argentina, Brazil, and China.

Bad actors from within the country or abroad constantly find new methods of intercepting the wiring of funds and other steps in major deed transactions. Successful swindlers adopt new tools all the time. Some online scoundrels even hire cyberattack services to improve their success rates. No wonder the FBI’s latest annual Internet Crime Report shows notable fraud losses involving title transactions. First American itself has had to deal with publicly reported cyber incidents. Clearly, the company is doing something to strengthen its defenses. Simply put, First American Title is taking its role in fraud prevention very seriously.

Online security breaches can dent the public’s opinion of the title industry. But there’s a lot more than reputational harm. A breach disrupts the work of offices. It stalls key actions in customers’ real estate deals. Once a breach is found, an insurance office will be forced to focus on containing the damage. In that scenario, customers’ needs suffer. Plus, customers can end up shelling out more for their title work. For example, they’ll indirectly pay more for insurance that covers resources used in recovery from a security breach.

By prioritizing cybersecurity, First American Title contributes to the integrity of the title industry, and the integrity of its customers’ financial information. It guards the data related to title insurance coverage —  for real estate purchases, for construction, for refinancing, and for home equity loans.

“Order Insights is another example of First American’s leadership in the digital transformation of title and settlement and our dedication to helping our valued agents protect their clients’ transactions and grow their businesses.”  

— Stephen Vincini, on behalf of First American Title

It’s Just the Latest in First American’s Work in Digital Integrity

Any firm working on title transactions must be aware of the constant risk of cyberattacks. It must be prepared to detect, divert, or contain breaches. This is because its offices, no matter how well run and well equipped, can be targeted by sophisticated cyberattackers who ultimately suceed. Serious breaches can occur even when security protocols are in place and followed.

So, to build robust and enduring protection, security experts urge digital leaders at financial firms to “design, maintain, and consistently review plans to ensure business continuity in the event that a threat actor succeeds.” That’s according to leading cybersecurity firm SentinelOne®.

First American takes this responsibility to heart. First American Title’s parent company, First American Financial Corporation, has received more than 30 patents over the years for new tools involving title transactions in the digital age. The patents include innovations in artificial intelligence (AI).

This is crucial. SentinelOne® notes that today’s cutting-edge toolbox must include artificial intelligence. Savvy perpetrators of fraud now use generative AI to enhance their success.

The patents, says First American, help its employees and agents “rapidly and efficiently analyze and select relevant property description data, fueling more accurate automated title production.” So now, the portfolio of fraud-prevention innovations the company used in its AgentNet Knowledge packages for title insurers and loan underwriters has another protective layer.

“Order Insights is another high-value addition to the AgentNet platform,” says First American Title. It “sets the stage for expanded real-time communication” and robust fraud prevention for today’s complex attacks.

Kudos to First American Title for taking robust action that will give cyber criminals a harder time.