Landtrust Title Services Adopts New Cybersecurity System to Protect Consumers from Real Estate Wire Fraud
Landtrust Title Services today announced it has implemented ClosingLock, a web-based cybersecurity service, across all client transactions as an added measure to prevent real estate wire fraud. ClosingLock allows buyers, sellers and real estate professionals to safely access wire transfer information across a secure online portal with dual factor authentication, which reduces the threat of cybertheft and the threat of wire transfer details being intercepted.
"We're proud to integrate ClosingLock into our processes as a new safeguard to offer our clients peace of mind and security,"&# said Warren Habib, president of Landtrust Title Services. "With ClosingLock, Landtrust provides our clients an industry-leading solution for sharing transfer instructions and other sensitive documents with those involved in their closing, making it easy to securely get information where it needs to go and close on time."
In the last two years, as the housing market continued to break sales records amid the pandemic, more elements of real estate transactions have gone digital. Advances in technology in the title and closing process have made virtual closings more seamless, but have also made them more susceptible to wire fraud incidents. Cybercriminals stole over $200 million from more than 13,600 real estate fraud victims in 2020 through the use of deceptive phone calls, letters, emails, web links and attachments that directed closing funds to incorrect bank accounts, according to the FBI Internet Crime Complaint Center.
"Since real estate transactions typically involve several parties, including Realtors, attorneys, lenders, buyers and sellers, there are multiple opportunities for scammers to infiltrate the process," said Grace Chakos, senior vice president of operations at Landtrust Title Services. "By incorporating the latest technology from ClosingLock to create an added layer of protection in wire transfers, we are giving our clients one more tool to assist them in protecting their funds."
ClosingLock works by providing a secure platform to send and receive wiring instructions. The process for Landtrust Title Services clients to access ClosingLock involves just a few steps:
• At the point of the transaction's title order, along with the confirmation, each agent and attorney receive an email introducing them to ClosingLock and telling them how the secure service works.
• Sellers receive an email from the ClosingLock system with instructions on how to provide their wire instructions to Landtrust Title so their proceeds can be wired securely.
• When the closing is scheduled, an email is sent to the buyer with Landtrust Title's wire instructions so the buyer can securely wire cash to close the transaction.
For more information about Landtrust Title Services, visit mylandtrust.com.
About Landtrust Title Services:
Landtrust Title Services is a full-service title company established to fulfill the growing need for partnerships that provide higher service standards and growth opportunities in the title insurance and escrow services industry. Landtrust has become one of the fastest-growing title agencies in Illinois by providing outstanding service and operational excellence to attorneys, Realtors, financial institutions and affiliated real estate businesses. Landtrust incorporates the latest technology, enabling clients and partners to do everything online and monitor the process 24 hours a day. Visit mylandtrust.com for more information.