Closepin Releases New Wire Instructions Verification Tool
March 19, 2019
Closepin released a new feature to assist lenders in their efforts to reduce the risk of fraud. Closepin’s core business offers lenders automated compliance validation of closing agents, so developing a tool that helps prevent wire fraud through instant wire instructions verification was a natural next step, the company said in a release.
“Lenders are looking for ways to reduce the time and hassle of verifying closing agent wire instructions prior to sending their wire. And closing agents are looking to work with lenders to reduce risk and prevent fraud. Closepin’s newest tool provides the solution,” said Ryan Peterson, executive vice president of Westcor Global. “Closepin (which was created by Westcor Global) is a partner to lenders and closing agents that reduces risk by retrieving, storing and updating closing agent compliance documents and data, and now we can verify the wire instructions for those closing agents as well.”
As of July 2018, the FBI reported more than $12.5 billion in losses due to Business Email Compromise schemes. Many lenders who receive wire instructions from closing agents via email do not have an efficient solution in place for verifying that those instructions are not fraudulent. Closepin said its solution now provides lenders an automated compliance and risk management program for their closing agent network as well as a way to verify wire instructions on the same insured platform.
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