From a Month to a Second: Why Early Fraud Detection is No Longer Optional

In the title industry, we all know fraud is a threat. But we often talk about it in terms of the final, devastating financial loss. What we don't talk about enough is the cost before the fraud even succeeds: the wasted time, the operational drag, and the emotional stress of processing a file that was rotten from the start.

We recently saw a perfect, real-time example of this with a midsize title company in Indiana that was in the process of implementing CloseSimple.

The "Old Way": A Month-Long Investigation

Because our platform wasn't fully live for them yet, they were still operating on their existing processes. A file came in, and they began working on it like any other. They processed the entire file, drafted documents, and moved toward scheduling the closing.

It wasn't until the seller requested a "mailaway" that the team felt something was "a little bit sketchy."

That "sketchy" feeling led them down a rabbit hole that lasted almost a month. They had to do their own digging, and eventually, their investigation required them to hire a private investigator to confirm their suspicions.

Think about the cost of that one fraudulent file:

• Time: An entire month of staff hours and follow-ups.
• Money: The cost of the private investigator plus the operational cost of processing a file that would never close.
• Stress: The emotional toll and anxiety of not knowing, managing the situation, and dealing with a potential criminal.

They finally confirmed it: the seller was a fraud.

The "New Way": One Second to Certainty

As part of their implementation, they gave us the contact information for that same fraudulent seller. We ran it through our "Early Scan" system.

It took less than one second to identify the fraud.

This story is the ultimate case study for why early fraud detection is so critical. The problem isn't just stopping the fraudulent wire; it's stopping the fraudulent file from ever taking up your team's valuable time.

This Indiana team would have saved an entire month of work, money, and stress if they could have known what CloseSimple's Early Scan knew in a single second: this file is a risk.

Stop Wasting Energy on Fraudulent Files

"Early Scan" is designed to combat fraud quickly and effectively by flagging it at the very beginning of the transaction. Instead of finding out at the closing table (or after hiring a PI), you can know at file open.

Imagine what that Indiana team could have done with that one month of time they'll get back on the next fraudulent file they catch. That's why Early Scan is such a fantastic tool for any title company looking to protect its time, its money, and its people.

Don't wait until you're drafting documents. 

Schedule a demo today to see how CloseSimple can help you stop fraud before it starts.