In today’s climate of heightened wire fraud risk, title professionals face a significant challenge. The FBI reports a 400% increase in business email compromise losses over the past five years, reaching nearly $3 billion last year alone. These types of losses do not discriminate and impact a wide variety of businesses and individuals regardless of their age, income bracket, or experience. Fortunately, title agents now have access to an assortment of tools to help mitigate fraud and phishing scams.  The security of your title agency starts with a robust systems security protocol, which cou ..read more

Title professionals play a crucial role in ensuring the integrity and security of real estate transactions. However, the rise of seller impersonation fraud poses a significant challenge, demanding heightened vigilance and proactive measures. Sophisticated fraudsters infiltrate the real estate market by posing as property owners, often targeting vacant or encumbered properties. They gather personal information about the rightful property owners, including Social Security numbers, driver’s license numbers, and even notary credentials. Safeguard your transactions by staying informed. Explore AL ..read more

For over 30 years, TIAC has safeguarded title professionals, including title agency owners who often own law firms or practice as attorneys. In some states, a title agent must be an attorney for real estate closings. However, our professional liability policy excludes the practice of law. Addressing whether lawyers need a separate policy for their title agency is a common topic for the TIAC team, as coverage requirements vary among carriers. Title agencies and law firms share professional risks, and a single mistake can be costly and disruptive. Our professional liability coverage helps offset ..read more

The brazen scam of home title theft is on the rise, and victims’ stories suggest that traditional industry safeguards are not adequate. Home title theft is essentially a form of identity fraud, as   individuals forge documents to impersonate the rightful property owners, allowing them to sell the property or secure loans using it as collateral.  Unfortunately, title agents can unknowingly play a role in enabling these criminal acts. Owners of vacation homes or undeveloped land are prime targets for these schemes. Homeowners who have fully paid off their property (with no outstan ..read more

News about Data Privacy for Title Professionals The recent passing of comprehensive data privacy bills in states like Texas, Florida, Delaware, and Oregon, and the incorporation of exemptions for entities following the Gramm-Leach-Bliley Act (GLBA), holds important implications for title professionals. Title professionals, who are involved in cash transactions and handle sensitive personal and financial information, are particularly impacted by data privacy regulations. The GLBA’s exemption in these state-level bills acknowledges that financial institutions, including those in the title indust ..read more

The threat of wire fraud is on the rise within the title industry, as hackers employ increasingly sophisticated methods to deceive both companies and customers into transferring funds to fraudulent accounts. To address this pressing issue, ALTA organized a webinar featuring insights from experts Tom Cronkright and Matt McBride. In this webinar, they delved into the current landscape of wire fraud and shared invaluable tips for its prevention. The discussion centered around the tactics hackers utilize, including phishing emails, social engineering, and malware attacks. These cybercriminals adep ..read more

When buying or selling real estate, clearing the title is a crucial step in the process. The responsibility of verifying ownership and claims to the property falls on the abstractors and examiners who review a variety of ownership agreements and legal documents. However, even with their expertise, there are common oversights that can lead to costly errors and omissions (E&O) claims. Here are some of the most common oversights we see in E&O claims: Family Homes: Property rights transfer within a family for a variety of reasons, such as inheritance, gifts, or divorce settlements. Howeve ..read more

All TIAC policyholders are members of ALTA, which offers excellent resources for professionals in the title industry, especially for new policyholders and members. This year, ALTA updated their best practices to encompass contemporary developments and risks that affect agencies’ day-to-day operations. The guidelines cover critical areas such as loss of funds, wire verification services, WISP, and other related topics. It is recommended that you review Best Practices 4.0 to identify areas where your agency can improve productivity and ensure the safety of your team and clients. The post Stay Ah ..read more

As we continue through 2023, it’s more important than ever to stay vigilant against wire fraud in the real estate industry. In 2022, wire fraud increased by over 100%, becoming the most common cybercrime in the field. Shockingly, the average wire transfer targeted was over $100,000, which had a drastic impact on local title agencies. This issue is not limited to one state, as wire fraud has become a nationwide problem. According to CertifID, California, Colorado, and Florida are the top 3 states with the highest losses due to this type of fraud. To protect your business, it’s essential to revi ..read more

Virginia, Maryland, and D.C. title agents have recently been included in the list of areas that require all cash real estate transactions be documented in a specific way. In our previous post, we reported that the Finance Crimes Enforcement Network (FinCEN) expanded Geographic Targeting Orders (GTOs), which target suspicious real estate transactions for potential money laundering. Check out this article for more details on the counties involved and their rules. Here’s a quick list of the main points you should know from the article: 1. MD: Baltimore City/County, Montgomery, Anne Arundel, Princ ..read more