Real Estate
"IMPOSSIBLE
POC
PROD"
Solutions Enabled By FileChain
Transfer real-estate title with fraud-detection
Real Estate
Terre is a US-based FileChain partner specialized in property title transfers.
A workflow ledger by FileChain enables Terre to fight fraud and streamline real-estate title transfer transactions.
An ALTA - American Land Title Association survey indicated that 28% of title companies encountered at least one seller-impersonation fraud attempt in 2023, and 19% faced attempts in April 2024 alone.
Buyer-side fraud when buyers do not have the appropriate financial resources to buy and in particular wire fraud is increasing every year. The FBI's Internet Crime Complaint Center (IC3) reported over $12.5 billion in losses to cybercrime in 2024, with real estate wire fraud accounting for an estimated $500 million.
Cybercrime (ransomware demands) is also increasing in real estate: The American Land Title Association (ALTA) has reported a more than 480% rise in cybercrimes targeting real estate transactions since 2015.
Benefits :
Full real-estate transaction trade
Full worklfow automation
All actors onboarded (listing broker, county officer, etc.)
Progress shared real-time to all relevant participants
Detection of seller-side identity frauds
Seller-impersonation
Detection of buyer-side identity frauds
Integration of many checks
KYB, KYC, AML, CFT
2FA authentication schemes
Wire fraud reduction
Faster processing time & 24/7 availability
Quorum-guarded multi-signature scheme
Fund availability signed digitally
Banks
Lenders