Frequently Asked Questions?
What is real estate wire fraud?
Real estate wire fraud occurs when a criminal provides a property buyer with fraudulent wiring instructions that direct closing funds to the criminal’s own bank account, rather than the title, settlement, or closing company. There are many ways in which this happens—the email accounts of attorneys, real estate agents, or title company representatives can be hacked or spoofed, or a scammer may call a buyer and pretend to be from the title company.
What can you do to protect yourself from real estate wire fraud?
If you are a consumer, the best way to protect yourself from real estate wire fraud is to understand the closing process and verify any requests for funds or personal information with the requesting party before sending them. For example, if your attorney emails you and tells you that funds need to be wired a day in advance, call their office and verify this. You may also wish to ask if your title company uses ClosingLock, which offers the best possible protection against real estate wire fraud.
Why should we trust ClosingLock for wire transfer fraud protection?
Not only does ClosingLock offer a secure portal that allows Homestead Title & Escrow to share wire instructions and earn some much deserved peace of mind, the ClosingLock system also sends out automatic email/phone/text notifications, and the option for multifactor authentication. In addition, the ClosingLock system uses wire fraud warnings and pop ups to conveniently and consistently educate clients throughout the entire process.
Does this add any extra work/time for clients?
The ClosingLock system is simple, intuitive, and easy to use. With simplicity and ease of use in mind, ClosingLock developed a system which allows clients to gain secure access to wire instructions without having to register, create a password, or download an app. ClosingLock’s portal was specifically designed so clients can securely send their wire instructions and personal documents back to our company, along with legally binding electronic signatures.