In this episode of Commitment Matters, Mary speaks with Weston Conway, COO of ClosingLock. If you’d like to learn more about the company, check out ClosingLock.com Weston can be reached via email at: weston@closinglock.com
During their conversation, Weston or Mary mentioned:
- Email encryption is more secure and the most common solution people take to prevent wire fraud, but there are risks that come. It can complicate the registry process and even confuse recipients, which can lead to spoofing, a tactic used in fraud.
- Weston says real estate and title businesses also run the risk in using snail mail and phone calls. Fraudsters can impersonate companies by simply obtaining a client’s address or phone number.
- Weston points out that the real estate industry can be especially vulnerable to fraud because it processes bigger transactions
- The average loss per email compromise event is $96,000, according to Weston. In 2019, the real estate industry faced $221 Million in wire fraud.
- The real estate industry also involves multiple points of contact with each transaction, offering fraudsters more opportunities to strike. Read the story of a family who experienced this while buying a home.
- The Covid-19 pandemic prompted a spike in scams. This article breaks down the statistics of real estate wire fraud during the last few years.
- This checklist has more suggestions on how to implement safe real estate transactions.
- ClosingLock specializes in securely sending and receiving wire instructions.
- ClosingLock’s e-signature capabilities allow you to process all the paperwork online. All your partnerships can to pull documents safely and easily.
- Weston shares an example of a fraudster who posed as a bank to receive a payoff, but ClosingLock’s Instant Payoff Verification service enabled them to detect and verify account information before any payment was made.
- Processes and procedures changed during the pandemic. Weston suggests looking at updates in software and technology that can help adapt to those changes and prevent fraud. He says reviewing your tech can help you grow business, retain a competitive advantage, and even retain your staff.
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