Wire transfers offer a great solution for transferring money between two parties in a matter of minutes – and all you need is a banking account and routing number. With the click of a button, money will leave one account and transfer to another, regardless of the banking institution. Businesses around the globe use these transfers every single day.
Though wire transfers may be a simple solution for businesses – especially those handling multiple real estate closings on a daily basis – they are also easy targets for fraudulent activity. As scammers get more creative in stealing your funds, the importance of wire transfer security becomes greater.
Scammers Prey on Your Wire Transfers
Before you ever wire money to someone, you need to make sure it is not part of a scam — even if you are in the middle of a real estate transaction and the wire transfer is expected. If you have ever received a phishing email, then you know just how legitimate they can look. Imagine the buyer of a piece of property receiving an email from the realtor with wire instructions. It looks real – same signature line, the right name in the “to” area, details of the sale, etc. Close the deal with a simple transfer of funds, right?
Buyers will move forward with the wire transfer only to find out later it was a scam — and maybe be left with no money for the real closing.
This happens all the time. But, it isn’t the only wire transfer scam out there. Fake check scams, property rental scams, romance or family emergency scams, and more all work to get people to wire money that they will never get back.
Wire Transfers Cannot Be Reversed
Sadly, anyone who has sent money to someone erroneously or has been caught in the middle of a fraudulent scheme learns quickly that wire transfers cannot be reversed. In other words, legit or not, once you transfer the money from your bank account to someone else’s, there is very little chance of you ever retrieving those funds.
This only increases the need for wire transfer security. Knowing that you are making the right transaction to the right party with confirmations to double-check along the way can save you a lot of headaches.
The Most Effective Wire Transfer Security
There are general ways to make sure that wire transfers are legitimate. These include:
- Be suspicious of any transactions.
- Don’t respond to emails or open attachments/downloads from those you don’t know.
- Have high-functioning antivirus and malware software installed on your computer.
- Set limits with your bank on wire transactions.
And while these are great tips, scammers can set up some pretty elaborate schemes that can fool even the most cautious person. So, truly, the most effective method available for wire transfer security is using a platform that will prevent any fraudulent activity from happening – a secured portal that can be used by all parties. This system will:
- Send out automatic email/phone/text notifications
- Use multifactor authentication.
- Consistently have wire fraud warning pop-ups throughout the entire process, keeping money safe while educating users at the same time.
Those are just a couple of things this system can do. This security, offered by ClosingLock, is simple, convenient, and secure – and the most effective wire transfer security available.
Learn More About Wire Transfer Security with ClosingLock
ClosingLock understands the dangers lurking around every wire transfer and has created the tools necessary to protect them. By exposing any threats or signs of fraud, you can rest easy knowing that your money won’t fall into the wrong hands. It is wire transfer security at its finest.
ClosingLock’s program is easy to use and can protect everyone involved with the transfer of funds. To learn more, contact our professional team today!