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OLD REPUBLIC TITLE UPDATE

In the news ...   Monday, August 26, 2013

  

BANK FRAUD ALERT


 

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.

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Pennsylvania

1200 Liberty Ridge Drive
Suite 100

Wayne, PA  19087

(610) 251-1160

(800) 842-2080

(610) 644-1408 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805

(814) 238-3600

(814) 238-3604 - fax

 

790 Holiday Drive
Third Floor
Pittsburgh, PA 15220
877-596-1260
412-921-6417 - fax

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

920 N. King Street

Suite 414

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

Maryland

Columbia Corporate Park

8840 Stanford Blvd.

Suite 4500

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

Virginia

7960 Donegan Drive

Suite 247

Manassas, VA  20109

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive
Richmond, VA 23235
(804) 897-5499

(804) 897-9679 - fax

 

1800 Bayberry Court
The Meridian Building,
Suite 104
Richmond, VA 23229
(804) 441-6112
(804) 441-6050 - fax

 

Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance   Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.