The Colorado Title & Closing Services team cares about you and works to make sure the closing process is as secure and easy as possible for you and your clients.
You’ve heard of wire fraud scams. Criminals spoof your information and provide buyers with phony wiring instructions that direct closing funds to their own bank accounts. As we’ve all seen and heard, they’re only growing in prevalence.
That’s why we’re launching a new tool — it’s called ClosingLock. We’ve recently partnered with them and are excited to tell you more about it.
ClosingLock is a secure, easy-to-use platform for title companies, law firms and other financial services that helps overcome the risks in sending wiring instructions through emails or phone calls. Founded in 2017 by Abigail and Andy White, it’s protected over $100 billion in real estate funds to date.
ClosingLock reduces the threat of phishing attacks by taking out the wiring instructions from emails and storing them where they can’t be modified by hackers. Instead, buyers receive an email notification that their wire transfer instructions are available and then they can log into a secure portal using two factor authentication via their cell phone to retrieve them. The Seller can also use the secure portal to send us their wiring instructions. It’s as simple as that. However, in order for your client to be able to take advantage of this secure portal we need to have their email address and cell phone number, preferably when the order is opened.
Any of us involved in the transaction can also conveniently send instructions and personal documents back and forth, along with legally binding electronic signatures.
In addition to wiring instructions we are using ClosingLock to send and retrieve our Seller and Buyer Information forms. We hope that they are user friendly but would like to hear any feedback you hear from your clients.
The CTS team is thrilled to offer this service for your client’s protection! Contact us today to start your safe closing process or learn more about how you can employ ClosingLock in your operations!