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Closinglock COO speaks on new wire fraud insurance offering

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Industry News
Thursday, November 21, 2024

Closinglock has announced an addition to its offerings: wire fraud insurance tailored specifically for the real estate market.

The company’s chief operating officer, Weston Conway, discussed the initiative and its implications in a recent interview with The Title Report, emphasizing its role in enhancing transparency and security.

“Insurance is a word that tends to create anxiety for people,” he said. “They wonder, ‘If the worst happens, am I truly covered?’ That uncertainty is something we’ve worked hard to eliminate with this new offering. It’s purpose-built for real estate wire fraud and transactions, and we’ve designed it to ensure our customers feel truly protected.”

Before this launch, Closinglock offered an errors and omissions (E&O) insurance policy that covered their platform but lacked specificity, Conway explained.

“It wasn’t tailored to the unique scenarios we see in real estate transactions,” he said. “Clients would frequently ask, ‘If this specific scenario happens, am I covered?’ And the answer often required complicated conversations with the insurer.”

This ambiguity, paired with the rising sophistication of scams, drove the company to reassess its approach.

“We heard the feedback loud and clear,” said Conway. “There’s a lot of angst in the industry about protection for the movement of funds. So, we went back to our partners and built something new that clearly outlines what’s covered and what steps need to be taken.”

The insurance provides real-time feedback within the Closinglock platform, giving users clarity on coverage for individual transactions.

The new insurance offering comes at no additional cost to existing or new customers.

““Every Closinglock customer has access to this today,” Conway said. “It’s simply an enhancement to our platform, aligned with our mission of protecting our clients.”

Conway also spoke about the growing risks facing the title and real estate industries, including the role of artificial intelligence (AI) in scams.

“Wire fraud is already a big issue, but now we’re seeing AI used to imitate phone calls and carry out multi-step communications that are incredibly convincing,” he said. “It’s a game-changer and makes it even harder to stay ahead.”

To combat these threats, Closinglock has introduced features like a payments tool that allows users to send funds directly through their secure portal. This integration eliminates the risks associated with misdirected wiring instructions or last-minute scams.

“With our platform, you can send your funds from home, knowing it’s secured and backed by our Lloyd’s of London insurance,” Conway said. “You get instant confirmation, so all that uncertainty and risk is removed.”

Beyond technical enhancements, Conway stressed the broader need for a culture of safety within the title industry.

“When was the last time a title company took its staff through training to identify areas of risk? For many, it’s probably been too long,” he said. “Building a culture where safety is prioritized and employees aren’t rushed or stressed is critical. That’s when corners get cut, and accidents happen.”

He also urged companies to stay informed about the latest technologies designed to mitigate risk.

“There are a lot of great vendors out there beyond Closinglock,” he noted. “It’s important to use the best tools available and to be ready to act quickly if something goes wrong.”

For Closinglock, the decision to introduce this insurance boiled down to listening to customer concerns, Conway said.

“One of our core values is building customers for life,” he said. “We’re very invested in the title industry, and we want our customers to do well.

“Despite having a good insurance offering before, we heard the anxiety from our customers. They wanted more clarity. So, we delivered something that makes their lives easier and bundles it seamlessly into our product.”

Conway also hinted at more advancements on the horizon for his company’s service array.

“This new insurance offering is just one of the big bets we’re making to bring meaningful improvements to the industry,” he said. “There’s more to come, and we’ll continue to prioritize the needs of our customers.”

 

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