SAN FRANCISCO, Calif. - June 18, 2024 — Qualia, the leading digital real estate closing platform, today announced the launch of new security features within its wire fraud detection product, Qualia Shield. Launched in October 2023, Shield was designed to provide title & escrow professionals with cutting-edge tools to help mitigate wire fraud. With the addition of identity verification for all transaction parties, wire fraud risk assessment, and new buyer education tools, professionals now have added peace of mind regarding the security of their real estate transactions.

In 2023, the real estate industry suffered over $145M in adjusted losses. Qualia conducted a recent survey that showed three out of four title & escrow professionals had been a target of cyber attacks in the past 12 months. In the same survey, an overwhelming 98% of respondents said that the number of cyber attacks experienced by their business remained the same or increased in the last 12 months. By expanding the abilities of Shield, Qualia seeks to help title & escrow companies arm themselves against the persistent threat of wire fraud.

“Fraudsters keep coming up with new and different ways to try and cheat either the title company or our consumers out of money. With Qualia, I know that our data is safe, and it truly brings me a peace that I didn't have for a few years," said Debbie Schoenborn, President of Paramount Title Agency.

Title & escrow companies spend considerable time and resources combatting wire fraud in the real estate transaction, but it still remains one of the largest financial challenges impacting the industry today. What sets Shield apart is its ability to help agents assess bank account details, as well as the identity and behavior of individuals on transactions, offering title companies multiple layers of protection.

With identity verification for Qualia Shield, sellers scan their IDs via mobile phone and receive an analysis of the barcode to determine if the ID is government-issued. Shield also scans facial geometry and calculates a similarity score between the photo ID and the facial scan. This unique method verifies the person with 99% accuracy. For agents operating on Qualia’s platform, this can all be accomplished without leaving their Title Production Software. Through Shield’s new ID verification, title & escrow professionals can rest assured knowing they are working with legitimate parties and not bad actors looking to commit fraud.

"Wire fraud poses an enormous financial threat to the industry, and it happens every day. Our goal with Shield is to provide a fully integrated solution to help title & escrow companies mitigate their risk of falling victim to wire fraud, while providing their clients a great closing experience," said Charlotte Brown, Vice President of Product at Qualia. "The addition of identity verification for all parties is a continuation of our commitment to provide customers with the most advanced and reliable tools to safeguard their clients and their business.”

In addition to identity verification, Shield offers a multivariable assessment of wire instructions that examines the bank routing number, account number, and account ownership, while reviewing other fraudulent patterns to determine the risk of fraud. A new risk assessment review feature allows team members to examine and acknowledge the risk assessment findings on every wire, adding another layer of protection. To help title & escrow companies educate their clients on the risks of wire fraud, Qualia has also added educational content to Shield that provides homebuyers with security tips for a safe closing.

To explore more information about Qualia’s ability to help you protect your business against wire fraud, visit qualia.com/shield.

About Qualia

Qualia is the leading comprehensive digital closing platform used by title, escrow, real estate and mortgage lending professionals to transform home buying and selling into simple, secure, enjoyable experiences for millions of homeowners each year. The Qualia platform provides a secure system of record for the real estate settlement ecosystem through a suite of workflow, accounting, reporting, and collaboration products as well as its expansive product and service integrations. Qualia is headquartered in San Francisco, CA and has offices in Austin, TX, and Superior, CO. For more information on Qualia, visit Qualia.com.

Contact:
Qualia: Charlene Wang, VP of Marketing, press@qualia.com