Route 66 Escrow Implements Identillect’s Delivery Trust

Identillect Technologies (TSXV:ID), a leading provider of email security announced that Route 66 Escrow has integrated secure communication with Delivery Trust.

The company said that its email security is equipped with blockchain technology and claims that the utilization of blockchain will combat the wire fraud which is the fastest growing crime in the real-estate industry.

As quoted in the press release:

Route 66 Escrow provides their clients superior service as they make one of the largest purchases in their lives. Route 66 Escrow has been one of the top choices for homebuyers throughout the California area for years. They focus on speed in executing the transaction and use their extensive knowledge and experience which enables them to anticipate and overcome obstacles. They have two locations and are in the process of opening two additional location in 2018.

Mark Hollander, President and CEO of Route 66 Escrow states, “Route 66 Escrow provides its clients with expedient and reliable service as they make this important purchase. We believe the security of their information and transaction is paramount to the service we provide; therefore, we chose to integrate Delivery Trust secure email solution for the protection of our clients.“

The fastest growing Real-Estate Cybercrime is wire fraud, 27% of all real-estate cybercrimes stemmed from wire fraud. Wire fraud in real-estate saw a significant increase from $19 million in 2016 to $969 million in 2017. In 2016, the FBI saw a 480% increase in wire fraud complaints over the previous year. The FBI has not released the severity of 2018 numbers but based on the increase in actual wire fraud from 2016 to 2017 a large surge is anticipated. With the majority of real-estate transactions occurring over email the FBI has issued a warning BEC Scam (business email compromise) “targets all participants in real-estate transactions” this means no transaction is safe without the proper security measures.

Todd Sexton, CEO of Identillect Technologies comments, “We are pleased to integrate Delivery Trust email security with blockchain technology for Route 66 Escrow to secure their communication needs. As wire fraud becomes one of the FBI’s most challenging crimes to combat Identillect will continue to assist in the prevention of this form of cyber-crime.”

Identillect continues to serve real-estate professionals throughout the United States which is critical due to the fact there will be an estimated 6.3 million home sales in 2018, this provides an epic opportunity for cybercriminals to irreparably effect this industry. Identillect with one of the only email security offerings directly focusing on this problem is anticipated to make large inroads in preventing wire fraud.

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