Battlefield Title stopped a $60,000 payoff wire fraud attempt after Closinglock’s verification process flagged fraudulent wiring instructions. The instructions came from an email address just one letter different from a trusted credit union contact. Battlefield Title independently confirmed the fraud before any funds moved.
How did the $60,000 payoff wire fraud attempt happen?
Battlefield Title requested payoff wiring instructions from a credit union it had worked with for years.
Fraudsters had already compromised the exchange. They intercepted the credit union’s real reply and sent fraudulent instructions from an email address that was one letter different from the original.
The instructions directed the $60,000 HELOC payoff to a Wells Fargo account the credit union had never used.
The relationship was familiar. The email exchange was already underway. The difference came down to a single character in the sender’s address.
How did Battlefield Title prevent the $60,000 payoff wire fraud?
Battlefield Title prevented the fraudulent payoff from being sent by running the wiring instructions through Closinglock’s verification process. The account failed verification, prompting Escrow Officer Abbe Egeland to independently contact the credit union.
Egeland called the credit union directly using a phone number already on file rather than the number provided in the email.
That call confirmed the instructions were fraudulent before any funds moved.
What was the outcome of Battlefield Title’s fraud attempt?
Battlefield Title stopped the attempted $60,000 payoff before any funds were sent, resulting in $0 lost to fraud.
Across its use of Closinglock, Battlefield Title has protected $3.15 million.
What can title companies learn from Battlefield Title’s experience?
The fraud attempt came through an exchange with a credit union Battlefield Title had worked with for years.
Even so, the payoff still went through the company’s standard verification process.
Egeland described the team’s approach:
“We use Closinglock on all of our verifications. It gives you peace of mind that you did all that you could to make sure that’s the correct information.”
In this case, following the same verification process on every transaction helped Battlefield identify a problem before funds were sent.
What are the warning signs of payoff wire fraud?
Battlefield Title’s experience shows how difficult fraudulent payoff instructions can be to identify from email alone. In this case:
- The message appeared within an expected exchange.
- The sender’s email address differed by only one letter.
- The instructions involved a financial institution Battlefield Title already knew.
- The destination account was inconsistent with the credit union’s previous instructions.
- Independent verification ultimately exposed the fraudulent account.
Closinglock helps title companies verify critical payment information before funds move, giving teams another layer of protection in the closing process.
See how Closinglock can strengthen your verification process. Request a demo.
