Last week, Qualia joined ALTA’s Coalition to Stop Real Estate Wire Fraud. Qualia is the first (and currently the only) digital real estate closing technology platform to join the coalition.
The Coalition aims to create urgency and awareness around the growing threat of mortgage closing scams and real estate wire fraud which impacted more than 11,300 victims in the U.S. in 2018. In addition to education and awareness materials, the Coalition provides concrete steps for businesses and consumers to prevent fraud and avoid the catastrophic financial effects of real estate scams.
ALTA Uncovers an Alarming Insight, Leading to the Development of the Coalition
Earlier this year, ALTA conducted a study which indicated that homebuyers are aware of the possibility of wire fraud, but they are not worried about fraud personally. 73% of respondents indicated that they were warned about the threat of real estate fraud. However, nearly half of respondents (42%) said they were not concerned about theft during a real estate transaction.
These responses were concerning. Why were homebuyers aware yet not personally concerned? Leaders at ALTA believed it was due to the intangible nature of the wire fraud warnings. Homebuyers needed more concrete examples and incident reports to understand the gravity of the issue and its potential impact.
ALTA created the Coalition to inform the broader public and policymakers about real estate wire fraud and mortgage closing scams. The Coalition also aims to deliver steps homebuyers can take to prevent the issue from continuing to grow year-over-year.
Qualia Joins the Coalition to Promote Technology Solutions
As a partner of the Coalition, Qualia’s goal is to help amplify the Coalition’s message and to educate our customers and the broader public about the threat of real estate wire fraud. We will continue to bring attention to cybersecurity issues and deliver innovative solutions to make real estate transactions a secure and seamless experience for all.
To learn more about Qualia’s wire fraud solutions and best-in-class approach to data security, click below to download our security white paper.