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Closinglock, now with $12M, wants to prevent the 1 in 10 real estate transactions targeted for fraud
Users log into Closinglock's portal where real estate transaction wiring instructions are accessed instead of provided via email.
White, who has a background in computer engineering, built a real estate fraud prevention and payments portal to house everything in one place securely. That grew into title and settlement company customers asking for a way to send documents securely, receive wiring instructions, verify identities and manage payments. “About $2 trillion in residential real estate transactions move through those unsophisticated methods, so there are a lot of different avenues we are excited about continuing to work on,” White said.
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