BANK FRAUD ALERT
There have been some recent transactions in which unauthorized wire transfers have been made from Old Republic agency accounts to recipients with accounts in foreign countries.
The latest incident was an unauthorized $500,000 wire transfer that went to a bank in China. The agent has been able to recover almost half of the money with the remainder in dispute. Once wires are sent internationally, including Canada and Mexico, it is difficult if not sometimes impossible to recover the funds.
Please contact your bank and have them place an international wire transfer block and an ACH (Automated Clearing House) block on your account(s). Should someone gain access to your banking password, logon, and account information, the block will prevent unauthorized international wires as well as unauthorized ACH transfers from your account. Also, please obtain documentation from your bank so that our auditors can verify that the blocks have been placed on your account(s) when we perform our agency reviews.
If you find a need to transfer funds off shore during the course of a closing, please consult with your bank for a suitable work around.
If you have any questions please contact your state management or audit staff at (800)722-0784 or (302)734-3570.