Escrow accounts have long been a target, internally and externally, for fraud schemes. Recently, fraudsters tapped into a title agentís account via the Internet and transferred $200,000 to Russia, draining all of the agentís escrow funds. Internally, many agents have also found themselves victims of employee theft.
Many of these schemes are completely preventable if the company is committed to putting in place the processes and technologies to protect their escrow accounts. It is absolutely imperative that agents implement strong controls to insure their safety.
Fraud Watch Series Part I:
Combating Internal Fraud includes:
- An overview of recent escrow fraud schemes Ė and how they could have been prevented
- People: tips on how to make fraud prevention a company-wide venture
- Processes: guidance for designing and implementing fraud prevention protocols
- Technology: a look at the importance of effective tracking systems
Who should attend:
- Title agents
- Settlement services providers
Dick Reass is president and CEO of RynohLive, a provider of software technology for the settlement industry. He is the original investor and founder of Segin Systems and his passion for process improvement led to the development of RynohLive.
Dick has long been interested in the field of technology. As a captain in the United States Navy, he became the Assistant Chief of Naval Personnel for Management Information Systems. From there he went on to become the director. As the principal designer for Manpower Reporting and Accounting Systems, he led the paperless service record conversion.
He also founded Reliant Title in 1998. Located in Virginia Beach, Va., Reliant is in the forefront, utilizing leading edge technology. Reliant Title has been recognized twice as Realtor Affiliate of the Year. Dick received his BBA from the University of Texas and his Post Graduate degree in Engineering Systems.
Rafael Toledo, Jr.
Chief Operating Officer
Rafael Toledo Jr. has more than 25 years experience in criminal investigations, both as a police officer and a private legal investigator. In 2009, he joined the RynohLive team and now serves as the COO. He is also the president of IDSnetwork, Inc., a nationwide investigative agency located in Central Florida, specializing in the investigation of mortgage and real estate fraud for the title insurance industry.
Toledo earned his degree in Criminal Justice from Seminole State College in 1983 and has received advanced training in forensic, criminal and financial investigations. He was formerly a detective with the Seminole County Sheriff's Office assigned to the property crimes division where he was responsible for conducting criminal investigations relating to various forms of burglary, robbery, fencing operations and white collar crimes.
He has been awarded the designation of Certified Fraud Examiner by the Association of Certified Fraud Examiners and currently serves as a reserve deputy with the Volusia County Sheriff's office.
Chief Financial Officer and Chief Operating Officer
Agents National Title Insurance Company
Brent Scheer is the Chief Financial Officer and Chief Operating Officer of Agents National Title Insurance Company in Columbia, Mo. and a licensed CPA. He graduated from Missouri State University in Springfield, Mo. with a Bachelor of Science in Accounting in 1995. Before joining Agents National Title in 2006, he worked in governmental audit, internal audit, cost accounting and public accounting. His career in public accounting focused on small businesses in the areas of audit, tax, business valuation, consulting and litigation support. He is on the American Land Title Association Accounting Committee.
The Title Report
October Research Corporation