Closinglock Announces New Identity Verification Solution to Combat Fraud in Real Estate

Closinglock provides identity verification to combat seller impersonation fraud

AUSTIN, Texas--(BUSINESS WIRE)--Closinglock, a leading provider of fraud prevention solutions for the real estate industry, today announced the availability of a new identity verification solution that helps title agencies and real estate firms combat the growing amount of fraud.

Seller impersonation fraud is one such area of fraud that is on the rise. This type of fraud primarily involves identity theft to sell vacant land, second homes, and vacation and rental properties all across the country.

Closinglock’s latest solution includes the ability to identify fake driver's licenses, which is the most common method used by fraudsters in seller impersonation fraud.

This new solution is a significant improvement over antiquated methods like knowledge-based authentication (KBA). According to the National Institute of Standards and Technology (NIST), “the ease with which an attacker can discover the answers to many KBA questions … cause KBA to have an unacceptably high risk of successful use by an attacker.” ¹

"As KBA is obsoleted in this new digital market due to targeted spoofing, AI, and web and social media scraping, our team engineered a solution that quickly and easily verifies identity using modern technologies," noted Closinglock’s CEO and Cofounder, Andy White, PhD.

Since Closinglock closely follows the NIST guidelines, it worked to utilize more stringent methods to fight fraud. The new solution from Closinglock is more secure than KBA because it uses a variety of methods to verify the identity of a user which makes it much more difficult for scammers to bypass the verification process.

“We believe that this new solution is a game-changer for the real estate industry,” said White. “It will help to protect our customers from fraud and ensure that their transactions are safe and secure.”

About Closinglock

Closinglock is a leading provider of fraud prevention solutions for the real estate industry. Closinglock’s platform protects payments, payoffs, and all related communications with strict security protocols and offers seamless integrations with closing and title company software. The company currently protects billions of dollars each month with its software, and is trusted by thousands of settlement companies, title agents, law firms, attorneys, lenders, real estate agents, home buyers and sellers and others. Learn more at closinglock.com.

Citations:
1.	National Institute of Standards and Technology (NIST), “ NIST Special Publication 800-63: Digital Identity Guidelines,” March 3, 2022. URL Reference: https://pages.nist.gov/800-63-FAQ/