Bank Shot is setting new cybersecurity standards in the industry for sending earnest money, down payments and other real estate funds, according to the company.
Its mobile app is equipped with the highest level of cybersecurity with Check 21 standards and two-factor authentication and hosted on Amazon’s cloud. The company also has partnered with Red Sentry, a penetration testing tool that continually tests and searches Bank Shot’s assets for vulnerabilities, keeping it one step ahead of any potential issues.
“We know how devastating real estate wire fraud is to homebuyers, and we make sure the security of their money is at the forefront of everything we do,” Bank Shot CEO Emily Traxler said in a release. “Not only is driving around checks eliminated with our mobile app, but our customers are armed with all the necessary security features.”
Bank Shot is the only electronic check solution that enables the account holder to review each check prior to installment, according to the company. With its patented stop light technology, users deposit checks (green), place them on hold (yellow) or reject them (red). Once payments have been deposited, check images are automatically deleted from the app and not stored on any image galleries.