ClosingLock has launched an instant payoff verification system designed to thwart wire fraud, the company announced.
“We managed to take a very complex problem and simplified it to an intuitive, easy-to-use interface for our customers,” co-founder and CEO Andy White said in a release. “Using specialized algorithms to access our proprietary data, we are able to verify valid payoff statements and alert the user of potentially fraudulent ones.”
ClosingLock said the payoff verification system leverages and analyzes data from multiple sources and users receive feedback on their payoff information in fractions of a second.
“In addition to our services which protect property buyers from wiring funds out to fraudulent accounts, and our consumer bank account verification, our new loan payoff verification system allows ClosingLock to cover all aspects of real estate wire fraud,” White said. “We are truly a one-stop shop for wire fraud prevention.”