We’ve discussed in a previous TitleFusion Blog, Security is The Priority: What You Need in a Title Management Platform, the importance of maintaining an enhanced method for cybersecurity and wire fraud prevention. As the title industry continues to move in a more digital direction, Title Management Platforms need to keep up to ensure the security of you and your client’s data, as well as remain compliant with ALTA’s Best Practices.
The industry is evolving to better protect all of those involved in the transaction process. Effective January 2, 2020, updates and modifications to the American Land Title Association’s Title Insurance and Settlement Company Best Practices become effective. According to ALTA, these changes will affect Best Practice Pillars 2, 3, and 6 regarding wire transfer procedures, multifactor authentication, data security, and cyber liability insurance (Click here to read more on ALTA updates).
While TitleFusion has functionality in place to protect its users consistent with ALTA Best Practices, the new multifactor authentication requirement is a high touch level of security that TitleFusion products already offer to its users! Changes to this Best Practice read as follows:
Pillar 3: Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state and federal law.
The update to procedures to meet this Best Practice effective January 2, 2020: Utilize multifactor authentication for all remotely hosted or remotely accessible systems storing, transmitting or transferring Non-public Personal Information.
While the functionality is already in place, not all TitleFusion customers avail themselves of its protections. Using a product that contains a multifactor authentication process, also known as two-factor authentication or 2Fa, provides an advanced layer of protection for the user. By requiring a second form of identification, the risk of a cyber-attack on your data and other sensitive information is significantly reduced. Not only does two-factor authentication provide increase security benefits, but it also allows for your business to increase flexibility and productivity, reduce help desk costs, and protect against identity theft and fraud.
The two forms of identification in the 2Fa process are knowledge-based, meaning something only the user would know such as a username and password, and ownership based, something only the user would possess to confirm authenticities, such as a secondary device or a security token. TitleFusion offers the ability for a unique code to be transmitted to a cell phone via text, or an email address as part of each user’s setup. This can be customized to each user’s preference in the product’s Setup Details:
Once the user has customized setup, the login process will include the second-factor pop-up to confirm the identity of the user. For example, if the user selects the cell phone number option, a code will be sent to their mobile device upon logging in. This code will then need to be entered to complete the two-factor authentication process:
Once the user has completed the login steps, a small green lock icon will appear on the dashboard. This icon confirms the user has signed in to the system more securely.
The two-factor authentication is set up per-user, meaning it does not need to be implemented for every user, at the discretion of the agency owner/operator.
TitleFusion also offers several Job Aides to support our users in understanding two factor authentication and how to configure. Setting up the two-factor authentication is a fast and simple process that does not disrupt the day-to-day workflow, and is worth taking the added step to ensure your business and client data is secure. Please do not hesitate to reach out to TitleFusion’s Support Team with questions regarding our two-factor authentication feature.
*If interested in learning about TitleFusion’s additional unique security features, check out our October Blog – Security is The Priority: What You Need in a Title Management Platform.