Secure Wiring Instructions :: Modern Solution Needed

By
Real Estate Broker/Owner with Providence Group Realty TREC# 0608931
https://activerain.com/droplet/58wB

All right... wire fraud is rampant in the real estate industry. We acknowledge and accept this as a reality of business and the world of online communications.

In Texas, we are observing that Title companies are struggling to solve for this issue, and implementing office-level security measures in an effort to prevent tampering or hijacked instructions in regard to incoming transaction funds as well as disbursements.

The problem with these measures is that they typically require transaction parties and licensees to jump through additional (and complicated) hoops that virtually defeat the purposes of wiring convenience all together. We see title offices inventing their own forms and password protecting them so they cannot be completed digitally, requiring wet-signatures (and even notarized signatures), or requiring forms to be completed in their offices by individual appearance. We get it. They don't want the risk of using wires and the processes being created are literally intended to discourage this method to reduce risk.

CALLING ALL TECH / FINANCIAL GURUS / ENTREPRENUERS

This is crazy... like throwing the baby out with the bathwater crazy. There has to be a better way for people to give each other wiring instructions.

We need a solution that:

  • is secure and offers assurance of authenticity / accuracy of instructions
  • is universal - could be adopted as an industry standard
  • is as convenient to use as email - compatible with smart phones, tablets, and is paperless / virtual
  • is affordable, and can be integrated easily into the title process

Ideas?

 

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Topic:
Real Estate Industry
Location:
Texas Collin County Plano
Groups:
Realtors®
Collin County, TX Real Estate Professionals
Bananatude
What's Got Your Goat?
Texas Independent Broker Network
Tags:
technology
consumer protection
fraud prevention
innovation
industry standard
wiring instructions

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Rainmaker
2,115,894
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Amanda Thomas - I don't have a solution but it is a problem and we need solutions!

Nov 30, 2017 11:45 AM #1
Rainmaker
725,151
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

I've seen an increased level of security regarding wire transfers and securing the account numbers, but so far nothing outrageous. Hope to avoid your pain.

Dec 01, 2017 08:51 PM #2
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Rainmaker
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Amanda Thomas

​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™
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