The biggest challenges facing title companies in 2025
What are the biggest challenges for the title industry this year? According to a survey of title professionals across the United States, key issues include the need for a solid growth strategy, wire fraud prevention, and staying ahead in a rapidly evolving economic landscape. Looking ahead to 2025 and beyond, these evolving trends open up a wealth […]
Announcing Series B and beyond
Andy White, Founder and CEO of Closinglock, shares what it means to hit the latest milestone in the company’s mission to power and protect real estate transactions in the U.S. Today, we announced a $34 million Series B funding round. That’s huge—not just in number, although, of course, it is huge, but also in what this […]
The dark side of artificial intelligence: AI fraud in real estate
While artificial intelligence (AI) can boost productivity and innovation and decrease errors and inefficiencies, it also comes with a darker side. Cybercriminals have used AI to perpetrate fraud in the financial services industry, eCommerce, insurance, and, more than ever, real estate. It is impacting industries and individuals alike. Experts predict that overall AI-related fraud losses could approach […]
One million reasons to be thankful
Andy White, Founder and CEO of Closinglock, reflects on an incredible year, securing one million home sales through the platform and key takeaways for the industry. On October 16, 2024, Veterans Title in Florida closed on our one-millionth real estate transaction through our platform. As we prepare to celebrate Thanksgiving and 2024 comes to a close, I […]
High stakes-low liability: Understanding insurance in the title industry
A guide to insurance coverage for real estate transactions, including Closinglock’s newly enhanced insurance policy, the industry’s highest, most comprehensive, direct insurance coverage for up to $2.5 million. The stakes in real estate have never been higher, adding additional pressure to settlement companies as they navigate the evolving threat of fraud, protecting their bottom line, […]
How to protect your data after the recent SSN breach
You may have seen recent reports regarding a class action lawsuit that revealed that 272 million social security numbers (SSN) may have been leaked in a “security incident” by National Public Data (NPD), a data information broker. It remains unclear how many people are at risk, but NPD and companies like it have the personal background information, including addresses, […]
Protecting Buyers and Sellers from Wire Fraud Scams
When it comes to purchasing, renting, or refinancing a home mortgage, the last thing anyone wants to worry about is falling victim to fraudulent schemes. Regrettably, criminals are becoming more inventive in their approaches to target consumers. Data from the Federal Bureau of Investigation’s Internet Crime Complaint Center reveals that in 2021 alone, over 11,578 individuals […]
The Rise of Seller Impersonation: How Scammers are Targeting Real Estate Transactions
With the real estate market experiencing a shallow inventory, potential home buyers are seeing increased competition, leading to frequent bidding wars. In this intense environment, prospective buyers may sense the need to expedite specific steps in the purchasing process to make their offer more appealing to the seller. However, they must exercise caution, as taking […]
Why Does Real Estate Wire Fraud Happen?
Why does real estate wire fraud happen? Because it can. It is really that simple. Buying and selling real estate can be exciting – and also very hectic. And while everyone is making plans for the future, scammers are out there just waiting for their moment to shine. When you aren’t using the right tools, unwanted guests […]
Key Takeaways From the FBI’s 2023 Internet Crime Report (IC3)
As the latest Internet Crime Report is released reflecting the 2022 statistics for internet-based crimes, including those that impact the real estate industry, we are once again reminded that we have a long way to go. More businesses need to implement innovative software and other defenses to protect consumers – and education, of course, is […]