Securing Your Mortgage: Confirming Wire Instructions Safely

Security National is an industry leader in mortgage lending with professional branches in 44 states across the US. The company offers a range of services, including home loans, and provides customers with access to professional loan experts who can guide them through the entire mortgage process. While Security National aims to make the mortgage journey smooth, wiring money for closing costs can leave customers vulnerable to fraud and scams. To confirm wire instructions for Security National Mortgage, it is recommended to follow best practices such as using multi-factor verification, cross-referencing, and secure verification workflows to prevent wire transfer fraud and ensure the security of transactions.

Confirming wire instructions via a secure portal

Secure Portals Offer Protection: Using a secure portal like CertifID or Closinglock provides added security and protection against wire transfer fraud. These portals employ encryption and multi-factor authentication to safeguard sensitive information. With CertifID, for instance, you can validate routing numbers, account numbers, and recipient names, minimizing the risk of fraud.

Verification Workflow: A secure verification workflow typically involves using Title Production Software (TPS) to manage transactions and store initial wire instructions. The next step is to verify the wire instructions through a fraud prevention tool. This can include multi-factor verification, where you confirm the recipient's identity through multiple methods, such as email, phone numbers, and cross-checking with closing documentation. Once the verification is complete, you can proceed to the banking platform to execute the wire transfer.

Cross-Referencing and Validation: Cross-referencing is vital to wire fraud prevention. It ensures that the bank instructions match verified records at every level. Automated tools within your title software can provide real-time alerts when details don't align, helping you catch potential discrepancies. This validation process includes matching sender email addresses, verifying phone numbers, and cross-checking instructions to create a layered defense against fraud.

Secure Portals for Exchanging Wire Instructions: Platforms like Closinglock offer a secure portal specifically designed for exchanging wire instructions and personal documents. This portal ensures that your clients can securely send their wire instructions without the hassle of registration, passwords, or app downloads. Closinglock also provides multi-factor authentication and automatic email/text notifications, keeping your clients informed throughout the process.

Avoiding Email and Phone Call Risks: While email is often the default for receiving wire instructions, it is highly vulnerable to fraud. Criminals can intercept emails and alter payment details. Similarly, phone calls can be spoofed, and scammers may pose as legitimate parties to obtain sensitive information. Therefore, it's essential to use secure portals and multi-layered verification platforms to mitigate these risks.

Remember, when dealing with financial transactions, always remain vigilant for signs of fraud, including unusual requests, a sense of urgency, unprofessional communication, and inconsistent information. By following the steps outlined above and utilizing secure portals, you can significantly enhance the security of your wire transfers and protect yourself from potential scams.

Verifying the identity of the recipient

When transferring money for mortgage payments, it is crucial to verify the recipient's identity to prevent wire transfer fraud. Here are some detailed steps to ensure the security of your transactions:

Firstly, be cautious of unusual requests or sudden changes in payment instructions. Scammers often try to create a sense of urgency to pressure you into acting quickly without questioning the circumstances. Look out for unprofessional communication, such as poor grammar or a shift in tone from your usual correspondence with real estate agents or loan officers. Any discrepancies between emails or communications could indicate a potential scam.

Secondly, never rely solely on email or phone instructions. Criminals can easily spoof email addresses and phone numbers to manipulate wire transfers. Always cross-reference the information you receive with verified records. Use automated tools within your title software to receive real-time alerts when details do not align. Additionally, set up an in-person meeting or call the escrow company directly using a trusted phone number, such as the one provided in previous escrow documents.

Thirdly, when dealing with large sums of money, do not hesitate to ask questions. Your personal information is valuable, so ensure that your point of contact is reliable by asking them to confirm the account number and name. A legitimate lender should have no issues providing this information to you. Always get verbal verification from your escrow company for wire transfer requests, and avoid clicking on any attachments or links in emails.

Finally, utilise multi-factor verification to confirm the recipient's identity through multiple methods. This can include using secure portals, callback verifications, or multi-layered verification platforms that protect your transactions. By employing these measures, you can have peace of mind that your funds are reaching the intended recipient.

Remember, awareness and caution are your strongest tools against wire transfer fraud. Stay vigilant, and don't be afraid to trust your instincts. If something doesn't feel right, take the necessary steps to verify the recipient's identity and ensure the security of your transaction.

Using multi-factor verification

Mortgage wire fraud is a growing concern, with scammers targeting homebuyers during the mortgage closing process. To protect yourself from such fraud, you can use multi-factor verification to confirm the identity of the recipient of the funds.

Multi-factor verification, or multi-layered verification, helps prevent wire transfer fraud by confirming a person's identity through multiple methods. When verifying wire instructions, using multiple verification factors ensures that you are receiving instructions from the legitimate party. This can be done through a secure, multi-layered verification platform that protects both types of transactions. This gives you the confidence that funds reach their intended destination.

One example of a multi-factor verification process is CertifID Match, which requires the recipient to complete several steps to validate their identity and banking information. This process takes less than a minute for the recipient to complete but provides peace of mind that the funds are being sent to the correct recipient.

Another example of multi-factor verification is out-of-band authentication, where a transaction initiated through one delivery channel (e.g. the internet) must be re-authenticated or verified through an independent delivery channel (e.g. telephone) to complete the transaction. This type of authentication is becoming more popular as customer PCs are increasingly vulnerable to malware attacks.

When using multi-factor verification to confirm wire instructions, it is important to reach out to the requestor through a method that is not part of the current wire transfer request. This could be through a contact name and number that you have on file for the customer, rather than the information provided in the request. This helps to verify the authenticity of the request before proceeding. Additionally, be cautious of unusual requests, such as sudden changes in payment instructions, and always verify any changes directly with your mortgage loan officer or real estate agent using trusted phone numbers.

Recognising signs of fraud

Wiring money for closing costs can leave you vulnerable to fraud and scams. Here are some signs to watch out for to protect yourself:

Unusual requests

Be cautious of sudden changes in payment instructions that differ from the initial mortgage closing process. Scammers may, for instance, request that you only contact them through email instead of other channels.

Urgency and pressure

Scammers often try to push you to act quickly and avoid questioning unusual circumstances. They may, for example, write that the funds need to be wired right away.

Unprofessional communication

Look out for signs like poor grammar, typos, or a shift in tone from your usual communication with the relevant parties.

Inconsistent information

Pay attention to discrepancies between emails or other communications, which could signal a scam. For instance, double-check the email address to ensure it is not an almost identical spoof.

Secure verification

When receiving wire instructions, use a multi-factor or multi-layered verification platform to confirm a person's identity through multiple methods. This ensures you're receiving instructions from the legitimate party.

Cross-referencing

Cross-referencing is a key step in wire fraud prevention. It ensures that bank instructions match verified records at every level.

Contacting the company directly

Contacting SecurityNational Mortgage directly is a good way to ensure you are receiving legitimate wire instructions. SecurityNational Mortgage has a strong online presence, with a website and an app available on the App Store and Google Play. The app allows you to securely scan and upload documents, receive alerts and updates, and message your loan officer.

The website provides a login portal for customers, where you can re-register your account if it's your first time logging in. If you need assistance with your login credentials, you can use the "forgot password/username" links. If you've been locked out of your account, you can reset your password through the "forgot password" link, which will unlock your account.

Additionally, SecurityNational Mortgage provides a "Find a Loan Officer" tool on its website and app, allowing you to locate a professional loan expert nearby. These experts are ready to guide you through the mortgage process, regardless of whether you're a first-time homebuyer or a seasoned pro.

While SecurityNational Mortgage encourages digital interactions through its website and app, you can also consider contacting them via phone or in person at one of their professional branches in 44 states across the U.S. Speaking directly with a company representative can provide additional assurance and allow you to verify wire instructions before proceeding with any financial transactions.

Remember, wiring money can leave you vulnerable to fraud and scams, so it's essential to exercise caution and verify the legitimacy of any payment instructions. Always trust your instincts and don't hesitate to reach out to SecurityNational Mortgage directly if you have any concerns or questions about wire instructions.

Frequently asked questions