– The earth is round
– Dogs can see in color
– Water freezes at 32 degrees Fahrenheit – Florida leads the nation in overall fraud and South Florida is number one in the country for mortgage fraud, making it essential for Florida title companies to mitigate fraud.
– Due to the decentralized nature of the industry, title companies often deal with unlicensed individuals to access specific documents, creating opportunities for title insurance fraud.
– To mitigate fraud, title companies should perform annual security checkups and follow a 3-step checkup for title fraud protection, including enhanced initial audits, requiring escrow funds to be held in banks offering Positive Pay, and educating clients about the process.
– It is also important to perform routine audits to ensure compliance with regulations and adopt good hiring practices to provide daily defense against title fraud and institutional corruption.
– Florida title companies should keep up with the state’s prescribed differences from NAIC statutory accounting principles and seek guidance from financial institutions on wire or title fraud protection. 1. Business Banking Services: The local Florida banker can provide a range of business banking services tailored to individual financial needs.
2. Personal Loans and Mortgage Services: The local Florida banker offers personal loans and mortgage services to meet the financial requirements of individuals.
3. Investment and Wealth Management: The local Florida banker provides investment and wealth management services to help individuals make informed financial decisions.
https://www.seacoastbank.com/resource-center/business-insights/how-to-mitigate-fraud-florida-title-company
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