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To protect title companies, attorney offices, and their customers from social engineering, email spoofing, clone phishing, email hacking, imposter fraud, and compromised accounts.
Wire fraud accounts for an estimated $1 billion dollars every year within real estate, and the prevalence of this kind of fraud is on the rise. ClosingLock is aiming to stop this, by providing secure communications and a payment platform to real estate business.
Most wire fraud in this industry is committed via email hacks, so ClosingLock’s initial product was a secure portal for payment communications, but it has since grown. The company now offers docs-sharing and loan verifications on its platform as well, marketing itself as the do-it-all payment security platform for real estate.
Its model has been successful, with over $100 billion In transaction value in its first four years. But there are other companies offering fraud prevention services - rival Pondurance offers a data/expert-integrated fraud detection service, though not specifically aimed at the real estate industry. ClosingLock hasn’t quite cornered the market, but it is building up to be a strong player.
Kirsty
Company Specialist at Welcome to the Jungle
Feb 2024
$12m
SERIES A
Aug 2022
$4m
SEED
Abigail White
(Co-founder)Previously worked as Assistant General Manager at Village Mall Management, and Assistant Manager at Anthropologie. They were also a Staff Writer and Digital Media Specialist at The American Genius.
Andy White
(Co-founder & CEO)Formerly an Engineering Scientist at KnuEdge and Performance Architect at Samsung.
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