SafeChain, the industry leader in wire fraud prevention software for land title, developed a software tool that will help protect against wire fraud in real estate transactions. SafeWireTM uses a combination of identity verification and bank authentication technology to help prevent wire fraud and to keep customers’ money safe. Tested in the Medina and Hudson offices, SafeWireTM is now available at all ORT offices throughout Ohio.
SafeWireTM allows buyers and sellers to receive wire instructions and banking information quickly and securely, without the addition of a cumbersome process. The tool verifies the identity of both the buyer and seller and authenticates ownership of the accounts involved in the transaction. Using blockchain technology, SafeWireTM then connects to more than 3,000 banks via a secure portal to transmit and store wiring instructions, ensuring that this information cannot be tampered with or intercepted by unauthorized parties. When these minimum security requirements are met, SafeChain guarantees the transaction for up to $1 million.
The SafeWireTM tool allows real estate agents to receive notifications throughout the process so that they are able to coach their clients and ensure the transaction moves along as necessary. However, agents are not given access to the confidential information, therefore the responsibility of maintaining privacy is removed. A downloadable secure PDF file also is available to include with other documents necessary for closing.
“Wire fraud is one of the biggest threats to the homebuying process today. We believe it’s our job to protect consumers in what is one of the largest financial transactions they’ll ever undertake,” said Ryan Marrie, president of Ohio Real Title. “Partnering with SafeChain provides Ohio Real Title’s real estate agent partners the confidence in knowing we care about their clients’ funds from the minute they begin the homebuying process.” To learn more about SafeWireTM and the services provided by Ohio Real Title, contact us today.