Cottonwood Title Insurance Agency Inc., one of the largest independent title agencies in Utah, has inked a deal for SafeWire, a platform designed to protect the wire transactions facilitated by agents in North-Central Utah.
SafeChain, which specializes in wire-fraud prevention software and blockchain implementation for the land title industry, developed SafeWire.
“At Cottonwood Title, we pride ourselves on our speed, accuracy and ability to close transactions on schedule, but equally as important to us is ensuring that our clients’ funds do not fall into the wrong hands,” said Cort Ashton, vice president of escrow at Cottonwood Title. “SafeWire provides our customers with peace of mind in knowing their wire transactions are protected without impacting the excellent service our customers and partners expect.”
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Leveraging both bank-grade authentication and blockchain technology, SafeWire uses this technology to prevent fraudsters from interfering with real-estate-wire transactions. Through the platform, title agents can verify the identities of the buyer and seller, as well as store and transmit in a secure fashion wiring instruction to prevent fraudsters from intercepting and tampering with this information.
In addition, title agents can authenticate ownership of bank accounts to ensure funds are being sent to and received by authorized parties
“The pace at which real estate wire fraud is increasing has far outstripped the industry’s ability to address the issue through traditional means,” said Tony Franco, CEO and co-founder of SafeChain.
