ClosingLock has protected more than $50 billion in real estate wire transfers, the company recently announced.
ClosingLock said its portal has been used in all 50 states and in 42 countries worldwide. The company said its password-less system is unparalleled in the real estate industry, while its three-step multifactor authentication solution provides real estate transactions with robust but frictionless security.
“We are proud to have protected so many companies and consumers from real estate wire fraud and are excited about the continued accelerated growth of our company,” CEO Andy White said. “As the industry now knows, email is responsible for the vast majority of wire fraud losses. Our frictionless, secure portal removes the need to ever email wire instructions, therefore protecting everyone from wire fraud.”
ClosingLock has steadily added additional features to its system, so that clients can use one platform for all their wire fraud prevention needs. In addition to securely sending and receiving wire instructions, ClosingLock can verify payoff statements in real time, providing instant feedback on where title companies are sending their funds, thus removing the growing threat of mortgage payoff fraud.
ClosingLock also offers eSigning, bank account ownership verification, multifactor authentication, automated text notifications, and document hosting.
“Not only have we already added a robust suite of features for our clients, there are plenty of other exciting enhancements on the way,” White said.
.