Empora’s Ongoing Commitment to Security

Empora Prioritizes Your Security: Safeguarding Your Title Transactions in a High-Risk Landscape

The title industry is facing increasing fraud and cyber security risks. According to the 2022 IC3 report, fraud complaints rose from around 350,000 in 2016 to over 800,000 in 2022. The recent cyber attack on First American Financial Corp serves as one example we’ll address, but Empora recognizes that security threats come in many forms.

We recognize the urgency of these evolving threats and are committed to implementing robust measures to protect our clients. Here’s how we’re ensuring the security of our operations, and most importantly, defending our customers and their data against bad actors.

What was the December 2023 Cyberattack on First American Financial Corp?

A December 2023 cyberattack may have compromised First American’s customer database, leading to substantial business disruption. Upon detection, First American isolated its systems from the internet to contain the threat and is now offering affected individuals free credit monitoring and identity protection services. ​ (The Title Report)​.

Empora is aware of this incident and is actively monitoring the situation. Over the past two weeks, Empora has implemented new capabilities to monitor for bad actors, which First American provides to us as a part of their monthly security bulletin. At Empora, the security of our client’s data is a top priority; continue reading to learn more about how we work to protect our customers’ data and investments.

What Does Empora Do to Protect Our Customers’ Data?

Our customers entrust us with sensitive information, and we take that responsibility seriously. At Empora, we prioritize security by storing information in secure data centers with role-based access restrictions. We only share data with necessary partners and third parties to facilitate the title process, including our underwriter partners. To further safeguard our clients’ information, we implement security best practices such as data encryption, multi-factor authentication, and secure coding techniques.

At a glance:

• Secure Data Storage: All data is stored in secure data centers with role-based access restrictions to sensitive information.
• Controlled Data Sharing: We only share data with partners and third parties when absolutely necessary to facilitate the title process.
• Best Security Practices: We employ data encryption, multi-factor authentication, and secure coding practices to safeguard our information.

Empora’s Unique Approach to Secure Transactions

Buying or selling a property is one of the biggest undertakings that a person will undergo in their lifetime. Empora takes the responsibility of handling this transaction seriously.  We are committed to making these critical transactions as secure as possible. Empora protects our clients through advanced identity validation services that confirm the identities of all parties involved. We stay updated on the latest industry reports on fraud and risk, subscribing to alerts from title underwriters about potentially fraudulent actors. Our industry-leading platform features system logging, user authentication auditing, and the ability to restrict fraudulent actors from interacting with our public-facing systems.

At a glance:

• Identity Validation Services: We utilize advanced identity validation services to confirm the identities of all parties involved in title transactions.
• Industry Monitoring: We keep abreast of the latest industry reports on fraud and risk, and subscribe to alerts from title underwriters regarding potentially fraudulent actors.
• Authentication and Authorization: Our industry-leading platform includes features such as logging and alerting around potentially fraudulent logins, as well as IP deny listings.

Adapting to the Changing Fraud Landscape

In response to the dynamic fraud landscape, our approach at Empora Title is evolving to safeguard transactions against the new threats now impacting the title industry. We are enhancing our identity management protocols, rigorously confirming and validating all parties involved in transactions. Utilizing a diverse array of data sources enables us to cross-reference information comprehensively, ensuring the integrity and accuracy of all data received. Additionally, our proactive stance includes continuous monitoring of alerts from underwriter partners to swiftly detect and mitigate potential risks posed by malicious actors. These proactive measures underscore our commitment to maintaining the highest standards of security and reliability in all our dealings.

At a glance:

• Enhanced Identity Management: We are evolving our identity management processes to confirm and validate all identities involved in a deal.
• Utilizing Multiple Data Sources: By cross-referencing multiple data sources, we ensure the accuracy and validity of the information we receive.
• Monitoring Alerts: We stay vigilant by monitoring alerts from our underwriter partners for potential bad actors.

The Rapidly Changing Risk Landscape

The prevalence of fraud incidents among title companies has surged in recent years. In light of the swiftly evolving landscape, combating fraud is only getting more complex as fraud and cyber-attacks increase in frequency.

• Increasing Fraud Incidents: According to the 2022 IC3 report, complaints of fraud rose from around 350,000 in 2016 to over 800,000 in 2022.
• Repeated Vulnerabilities: Once a vulnerability is identified by bad actors, they tend to exploit it multiple times.
• Significant Financial Impact: According to the same IC3 report, victims of fraud lost $10.3 billion dollars in 2022 alone.

Conclusion: Cyber-Attacks and Risks in the Title Industry

The risk landscape in the title industry is changing rapidly. It’s crucial to partner with a title company that understands these challenges and is actively putting the right safeguards in place. At Empora, we are dedicated to adapting to these changes and ensuring the highest level of security for our clients. Stay safe with Empora, where your trust and security are our top priorities.