AUSTIN, Texas (Oct. 2019) – Closinglock, the industry-leading service which protects title companies and their clients from real estate wire fraud, now offers bank account verification for its clients.
This verification allows closing companies to authenticate their clients’ bank account credentials in real time. Not only are routing and account numbers confirmed, but the name(s), phone number(s), address(es), and email(s) for the account owner(s) are verified through this integration.
”Closinglock is thrilled to integrate with Plaid, one of financial technology’s most cutting-edge and forward-thinking companies,” said Closinglock CEO, Andy White, Ph.D.
In 2018, Closinglock (under the BuyerDocs name) protected more than $6.3 billion in real estate wire transfers while being used in all 50 states and in 28 countries worldwide.
“The closing company’s ability to authenticate ownership of a bank account, including the names on the account, is a huge step toward eliminating wire fraud. The simplicity of utilizing Plaid from the user perspective fits perfectly with our existing frictionless solution,” said White.
Closinglock already provides email and phone authentication; implementing bank account authentication now adds a third factor of authentication. The company’s three-step multifactor authentication (MFA) solution provides real estate transactions with robust security without adding friction to the process. Closinglock’s secure, password-less system is unparalleled in the industry.
Closinglock 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 Closinglock, 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.
For more information about Closinglock, please visit https://closinglockwp.wpengine.com.
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