Miami-based Doma Title Insurance Inc. has partnered with Intellicheck, a provider of digital and physical identity validation solutions, to offer Doma’s independent title agents and approved attorneys a new tool designed to detect seller impersonation.
During 2023, 30% of all claims paid by Doma Title Insurance involved fraud and forgery, which included seller ID fraud claims. Into the first few months of 2024, claims involving seller impersonation surpassed 2023 levels.
“Most of these claims result in a full loss of title, meaning one claim can easily cause a loss of $500,000 or more,” said Chris McChesney, Doma’s Chief Claims Counsel. “The vast majority of these claims are preventable using a seller ID verification tool like Intellicheck.”
Doma will provide its agents and attorney customers with access to Intellicheck’s web-based solution that validates, analyzes, matches and de-risks the identification credentials of parties involved in a real estate transaction. The tool is being offered at no cost to Doma agents who are signing documents as part of a Doma-insured transaction.
“Doma agents are on the front lines of preventing fraud, and Intellicheck arms them with a tool to stop fraud before a transaction even occurs,” said Emilio Fernandez, president of Doma Title Insurance, Inc. “We are proud to partner with our agents in not only reducing seller impersonation scams, but also protecting a homeowner’s or property owner’s most significant investment.”
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