March is Fraud Prevention Month in Canada and we took some time to ask SureFund’s Senior Product Manager, Jennifer Connell, about the importance of providing a secure environment for managing closing day funds with SureFundTM.
Q: Please tell us why security is important when using SureFund
A: Since SureFund allows real estate law firms to easily manage the transfer of real estate funds online, developing a secure solution was top of mind. We combined security protocols from our existing Teranet solutions along with industry-leading encryption technology to prevent fraudulent use and to protect customers and their clients. It’s important our customers trust our technology and know that everything’s secure.
Q: How is SureFund more secure than using cheques for real estate closings?
A: Closing day is hectic and the last stage of closing a sale or mortgage—the transfer of funds—often involves the most delays and risk when using cheques. Handing over funds to couriers or even sending a runner to different banks multiple times a day imposes the risk of loss, error, or worse, theft. With SureFund, law firms save the hassle of lost or stolen cheques and the extra work required to re-issue cheques. SureFund also helps customers track payments for easier administration and record keeping.
Q: Is electronic funds transfer safe?
A: Using an EFT or Electronic Funds Transfer is one of our customers’ favourite ways to ensure funds are deposited directly into their client’s or a payee’s account. Like all SureFund payment processes, sensitive bank account information is protected with industry-leading secure data encryption. Payments are also fast–same day or next day, which really makes clients happy.
Q: What technology does SureFund use to safeguard the system?
A: We took full advantage of the highest security measures available today, including strong data encryption, user session timeout, and robust protection for our network and software systems. We control access to the system by requiring two-factor authentication or 2FA for an added layer of security. In addition, digitally signing deals to enable the release of funds requires a time-sensitive one-time password; this is similar to signing requirements in other Teranet applications to enhance fraud protection.
Q: How is confidential information protected in SureFund?
A: We understand that the data transmitted and stored by SureFund is very sensitive, which is why we protect confidential information, such as passwords, credit cards, and bank accounts, with strong encryption algorithms. When data from SureFund is transmitted over public networks, the system uses secure encryption transmission. We also worked hard to ensure the technical and operational standards are PCI compliant.
Q: Finally, do you have anything to add about using SureFund?
A: Our commitment to providing a secure environment for funds management is more critical than ever to help combat fraud. We designed SureFund to help real estate legal professionals streamline closing day processes, reduce manual tasks, and reliably manage sale or refinance funds all in one secure platform. Contactless digital payment solutions dominate the consumer market and SureFund will help real estate law firms respond to consumer preferences with the assurance that the solution was developed with safeguards for law firms and their clients.
To learn how to add value to your real estate law practice, contact your SureFund Account Manager today.
About Jennifer Connell
Jennifer is a Senior Product Manager for Registry and Property Solutions at Teranet. With extensive experience in developing solutions to legal professionals, her portfolio includes and SureFundTM and Teraview.