Real estate professionals are always concerned about protecting buyers, sellers and agents from the growing threat of wire fraud.
Closinglock Founder and CEO Andy White discussed what industry stakeholders need to know now to secure transactions and customer trust while speaking with October Research Chief Knowledge Officer Mary Schuster on her Keys to Real Estate podcast.
White explained why digital payment systems can be more effective in safeguarding homesellers against sophisticated fraud schemes, which often target more traditional payment methods, such as checks and wire transfers.
“With a check, for instance, you hope it gets deposited, you hope it doesn’t get lost in the mail, you hope it actually goes to the person that you’re intending to send it to,” White said. “Wires, similarly, you hope it’s going to the person you intend to send it to. It’s this very black box experience that you have, whereas with a lot of these digital payment systems, real-time payment systems that exist now, when you go to send your life savings off, you can actually know where it’s going, who it’s going to, and feel assured and secure that the money is actually going to the right place.”
The conversation highlighted key trends in digital payments, the consequences of outdated practices and the real-world impact of enhanced transaction security. White also outlined how customer satisfaction and fraud prevention go hand in hand — and what the future holds for safe, seamless closings.
Listen to this insightful episode of Keys to Real Estate by following this link.
For more Dodd Frank Update coverage of matters related to data privacy and the CFPB’s efforts to implement Sec. 1033 of the Dodd-Frank Act, visit the “Data Privacy Vault” – a resource library holding all of our coverage of every volley in the ping-pong match between the finance industry and regulators over how to be protect consumers’ sensitive data in the rapidly evolving virtual financial marketplace.