AUSTIN, Texas (JUNE 1, 2020) – ClosingLock is the world’s leading online service for protecting settlement companies from real estate wire fraud. Now the real estate tech company also offers Instant Payoff Verification (IPV).
Loan payoff fraud is a rapidly growing problem within the real estate industry and occurs when a fraudster sends a fake payoff statement to a settlement company, tricking the company into wiring away their funds.
“We managed to take a very complex problem and simplified it to an intuitive, easy-to-use interface for our customers. Using specialized algorithms to access our proprietary data, we are able to verify valid payoff statements and alert the user of potentially fraudulent ones,” said ClosingLock’s CEO and Cofounder, Andy White, Ph.D.
In real-time, users can instantly identify correct payoff information and catch potentially fraudulent statements. While the payoff verification system leverages and analyzes data from multiple sources, users receive feedback on their payoff information in fractions of a second. The design of the Instant Payoff Verification system allows it to grow the more it is used.
“In addition to our services which protect property buyers from wiring funds out to fraudulent accounts, and our consumer bank account verification, our new loan payoff verification system allows ClosingLock to cover all aspects of real estate wire fraud. We are truly a one-stop shop for wire fraud prevention,” said White.
ClosingLock protects more than $1 billion a month from real estate wire transfers and has been in used in 42 countries worldwide.
For more information about ClosingLock, please visit https://www.closinglock.com.
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