First American Title’s Underwriter Support Services Now Includes PCN Network’s SAFEvalidation® Service

Rhea-AI Summary

First American Title Insurance includes wire verification service for title agents

Positive

• First American Title Insurance now offers PCN Network's SAFEvalidation® service as part of its underwriting services at no additional cost
• The service helps protect against wire fraud in real estate transactions
• Adjusted losses from business email compromise complaints exceeded $2.7 billion in 2022

Negative

• None.

—Comprehensive wire verification service now standard for First American policy-issuing title agents—

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation (NYSE: FAF), today announced that PCN Network’s SAFEvalidation^® service, a robust wire verification offering designed exclusively for title agents, is now included with First American Title’s underwriting services at no additional charge for First American insured transactions.

Wire fraud is one of the biggest threats to everyone in a real estate transaction. As wire fraud continues to grow, title agents need premier tools to help protect their buyers, sellers and other real estate transaction participants. According to Federal Bureau of Investigation’s Internet Crime Complaint Center 2022 report, adjusted losses from business email compromise complaints exceeded $2.7 billion, an increase of $300 million from 2021.

“Combating the threat of wire fraud is a top priority for everyone involved in real estate transactions,” said Stephen Vincini, Agency Division President, First American Title Insurance Company. “Providing this comprehensive wire verification service at no additional cost reflects our commitment to empowering our title agents with cutting-edge tools that help provide a seamless and more secure transaction process that protects consumers.”

Accessed via a simple and secure portal, the SAFEvalidation service authenticates payee wire and bank account information using proprietary payoff authentication technology. PCN backs up its SAFEvalidation service by providing SAFEvalidation users up to $1 million insurance protection from a third-party insurance provider per transaction that SAFEvalidation authenticates.

For more information about PCN Network’s SAFEvalidation service or a product demonstration, visit firstam.us/protect-against-wire-fraud.

About PCN Network, LLC

PCN Network, LLC, is an affiliate of First American Title Insurance Company and a leading provider of cutting-edge wire verification services. With a mission to combat wire fraud and enhance security in real estate transactions, PCN Network leverages advanced technology to streamline processes and help protect title insurance agents from potential losses. More information about the company can be found at www.pcnclosings.com.

About First American Title Insurance Company

First American Title Insurance Company, the largest subsidiary of First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through its direct operations and an extensive network of agents throughout the United States and abroad. First American Title provides comprehensive title insurance coverage and professional services for real estate purchases, construction, refinances and equity loans. For more information, visit www.firstam.com/title.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $7.6 billion in 2022, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2023, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the eighth consecutive year and was named one of the 100 Best Workplaces for Innovators by Fast Company. More information about the company can be found at www.firstam.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231005994527/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: First American Title Insurance Company

FAQ

What wire verification service is now included with First American Title's underwriting services?

PCN Network's SAFEvalidation® service is now included with First American Title's underwriting services.

What is the biggest threat to everyone in a real estate transaction?

Wire fraud is one of the biggest threats to everyone in a real estate transaction.

What is the increase in adjusted losses from business email compromise complaints in 2022?

Adjusted losses from business email compromise complaints exceeded $2.7 billion in 2022.

What does the SAFEvalidation service do?

The SAFEvalidation service authenticates payee wire and bank account information using proprietary payoff authentication technology.

Is the SAFEvalidation service backed by insurance?

Yes, PCN backs up its SAFEvalidation service by providing SAFEvalidation users up to $1 million insurance protection per transaction.