AUSTIN, Texas (April 30, 2019) – BuyerDocs, an online service dedicated to protecting title companies and property buyers from real estate wire fraud, set record numbers in 2018. By the end of the year, BuyerDocs protected more than $6.3 billion in real estate wire transfers, proving exceptional company growth.
As part of the 2018 expansion, the BuyerDocs secure portal was used in all 50 states, and in 28 different countries. BuyerDocs Cofounder and CEO Andy White, Ph.D., said, “We attribute much of our growth to title companies understanding that encrypted email is not sufficient enough to protect buyers from fraudulent wire instructions.”
And don’t expect usage of the BuyerDocs system to slow down any time soon. After its record-setting 2018, BuyerDocs was used by property buyers in every state except South Dakota and West Virginia during Q1 2019.
Due to the popularity of BuyerDocs’ services and its expansive growth, BuyerDocs increased its insurance coverage to a $2 million policy. White said, “With our service expanding into all 50 states and numerous foreign countries, we recognized the need to increase our insurance coverage. With over $6 billion protected in 2018, we wanted to make sure our insurance coverage matched our customers’ usage.”
BuyerDocs is covered by an industry-leading cyber insurance policy to protect its customers and give them peace of mind while using its services. White added, “As we continue to grow through 2019 and beyond, we’ll make certain our insurance backs our expanded service offerings.”
BuyerDocs is modernizing the real estate world’s method of transferring data; its goal is to eliminate wire fraud while protecting buyers, lenders, real estate agents, and closing companies from loss. With BuyerDocs, closing companies can share wire transfer documents via a secure web-based service, allowing everyone to avoid the email and phone phishing scams so prevalent in the real estate industry.
“Not only are we excited to grow our client base in 2019, we will continue to add new features and integrations for both existing and future clients,” White said.
BuyerDocs is an Austin-based company with the goal of eliminating wire fraud from residential and commercial real estate. For more information about BuyerDocs, please visit https://www.closinglock.com.
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