Title Agency Stops Seller Impersonation With Help From Email Security Alert System
December 19, 2024
With seller impersonation fraud attempts continuing to increase over the past year, it’s vitally important for title and settlement companies remain vigilant identifying these scams.
While criminals are using artificial intelligence to carry out some of these fraudulent deals, title companies are implementing similar technology to counter the illicit acts. One example is Houghton, Mich.-based Transnation Title Agency. With the aid of RPost’s AI-infused email security platform called RMail, the title company stopped a seller impersonation attempt prior to closing.
Barb Cormier, part owner of Transnation Title Agency, said her company received an order for a vacant, waterfront property allegedly owned by an international seller. The real owner lives and works as a professor in Dublin, Ireland. The criminal used that information to help show the deal was legit.
An initial red flag spurred Cormier to call the seller. After a few conversations, Cormier said there were no clear signs of fraud and provided by email an ID that seemed legit. So, the deal proceeded for the time being and the buyer pre-signed the documents and moved the funds.
Everything appeared in order, but the afternoon before closing, the RMail system detected an anomaly on an email sent to the seller with final steps for the scheduled closing. The seller was now opening emails now from a network in Lagos, Nigeria “which is a known hotspot for impersonation fraud.”
RPost technology strengthens email security by embedding specialized fraud trackers into all outbound emails, enabling real-time detection of criminal eavesdropping and impersonation fraud. These trackers ping RPost servers each time there is activity on the message after it has been delivered, sending back a variety of data points. Real-time APIs run checks across internal and external databases, assessing key risk factors such as the location, network, domain age, language translations, and other proprietary indicators. This data is then analyzed using advanced AI, which evaluates the risk associated with the email based on the customer’s risk profile.
“This Nigerian open detection triggered a real time security alert to our IT/Security group, which prompted me to challenge the notarized documents,” Cormier said. “A few days later, it was confirmed the documents had been fraudulently notarized as the U.S. Embassy in Dublin confirmed the notary wasn’t on its staff.”
The FBI was notified, and the file was promptly closed as a case of seller fraud, protecting the buyer from financial loss in the final hours.
“This success story underscores the critical role title companies play in protecting buyers,” said Mike Rooney, vice president of enterprise sales and cybersecurity. “Given the enormous amount of risk associated with each transaction and current market conditions, it’s more important than ever for title companies to leverage advanced, AI-powered security solutions to reduce the risk of fraud. RMail’s analytical AI engines parse massive amounts of data in real time, using APIs to connect with third-party systems and provide robust monitoring with every email activity—even after messages have been initially opened.”
Contact ALTA at 202-296-3671 or [email protected].