PCN Network announced a new service offered through its technology-based disbursement solution to securely manage mortgage funds help protect against cyber theft and fraud.
Called SafeValidation, the solution confirms payoff accounts and authenticates payees for outbound wires. Both are incorporated into SES Technology and are included in the Safe Escrow service.
“Two thirds of title agents believe that not enough is being done to control escrow security,” said Pritam Advani, CEO of PCN Network. “And our technology solutions are likely to control escrow fraud better than current processes. Safe Escrow, built on proprietary SES Technology, supports this tighter security through central escrow management, while still providing local execution by agents.”
Joyce Lombardo, owner of Fast Tract Title, added “I frequently hear stories of thefts of escrow funds. I worry that I could be targeted next. Safe Escrow and SafeValidation give me confidence that my funds are secure and are being sent to the right payee.”