As digital transactions become the norm, keeping you and your clients secure is becoming a necessity. Poor security leaves a lot at risk, including the personal information of you or your client, as well as potentially even bank information. We’ve talked about the need for security before, but the quick version is this: there are a lot of ways things can go wrong.
Sure, no business wants to be hacked, but when you’ve got home payments on the line, you’re easily at risk of losing hundreds of thousands of dollars with one mistake. And, as you might expect, when people are scammed out of hundreds of thousands of dollars, they are not happy.
They’re also more likely to sue. Go figure.
It started with title companies, but these days, brokers and agents are also at risk for being sued if their clients get scammed. Really, a security breach can put everybody involved in a bad position.
“Unfortunately, many in the industry continue to email out their wiring instructions. These are the emails that are then spoofed, causing clients to lose their life savings, and companies to go out of business,” explains Andy White, CEO and co-founder of ClosingLock.
The company ClosingLock wants to change this.
ClosingLock, formerly known as BuyerDocs, works to keep the digital aspects of real estate on lock down. Not only does ClosingLock provide much needed security boosts, like secure document transfers and three factor verification, it is also working to streamline the process entirely by consolidating everything on one platform. Plus, ClosingLock works to ensure everything is easy to use – after all, a security program that is confusing might keep things safe, but it’s also bound to make life harder for everyone involved.
According to ClosingLock, their products have been used across the United States, as well as in 42 international countries. The results have been pretty great: they’ve protected over $14 billion in real estate wire transfers alone.
“Each transaction that ClosingLock protects is one step closer to eliminating wire fraud from the industry,” says White.
If you aren’t doing something to ensure your clients and business are secure, you’re taking a major gamble with every big transaction. Consider investing, or urging your title company, to invest in a security program like ClosingLock to ensure everything continues running smoothly.