News

New service protects escrow security

Posted on November 6, 2017 by Safe Escrow

PCN Network's Safe Escrow has launched a new solution that increases protection again cyber theft and fraud.

SafeValidation confirms payoff accounts and authenticates payees for outbound wires, PCN Network said. Both are incorporated into SES Technology and are included in PCN's Safe Escrow service.

"Two thirds of title agents believe that not enough is being done to control escrow security," PCN Network CEO Pritam Advani said in a release. "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," Advani added.

Fast Tract Title Owner Joyce Lombardo said the solution gives her confidence that funds are secure and being sent to the right payee. "I frequently hear stories of thefts of escrow funds. I worry that I could be targeted next," Lombardo said.

"Safe Escrow allows me to retain control of the disbursement process in areas that are important to me - like printing specific types of checks or making last minute changes," said Hope Kahn, owner of The Closing Table of Florida. "I also get peace of mind by effectively reducing my risk while maintaining compliance. It's the best of both worlds."

Originally posted by The Title Report