Wire Fraud Is Evolving — So Should We: How CloseSimple Builds on ALTA’s Vision for a Safer Industry

Wire Fraud Is Evolving — So Should We: How CloseSimple Builds on ALTA’s Vision for a Safer Industry

The American Land Title Association (ALTA) recently published a powerful article in Title News on one of the biggest threats facing our industry: wire fraud. Their piece laid out the rising sophistication of fraud tactics — including deepfakes, business email compromise, and seller impersonation — and more importantly, offered clear, actionable strategies to combat them.

At CloseSimple, we believe ALTA’s insights are more than best practices. They’re a wake-up call. And they directly align with what we’ve been building toward for years.

Let’s start with secure communication portals.
ALTA made it clear: relying on email alone opens the door to business email compromise. Fraudsters prey on confusion — every mismatched logo, off-brand email, or unexpected message weakens your client’s trust and strengthens a scammer’s chance of success.

That’s why CloseSimple eliminates the noise. Our secure, branded communication portal consolidates all transaction updates in one consistent place — with your logo, your tone, and your control. It’s not just a nice-to-have; it’s your first layer of defense.

Next, let’s talk about verifying identity early.
Too often, identity checks happen right before closing — when pressure is high, emotions are higher, and fraudsters know they can exploit a rushed environment.

ALTA urges the industry to move those verifications up in the timeline. We couldn’t agree more. With tools like Early Scan and ID Verification built into CloseSimple, title companies can confirm the identity of buyers and sellers long before the money moves. When a red flag appears — a mismatched name, an unusual signature, or an unverified phone number — you catch it early. Not after it’s too late.

The risk is real — and it’s growing.
ALTA’s article reports staggering stats:

• $145M in adjusted real estate fraud losses in 2023 alone
• A 4,151% increase in phishing attacks since AI tools like ChatGPT launched
• 1 in 4 title companies experienced a seller impersonation attempt last year
• A deepfake fraud attempt now occurs every five minutes

Those numbers aren’t just headlines. They’re happening to companies like yours.

So what can you do right now?
ALTA recommends a multilayered approach to security — and we believe that starts with making your communication crystal clear and your verification steps frictionless. At CloseSimple, we’ve built tools that work with your current workflow to do just that. Secure updates. Verified identities. Branded experiences that build trust instead of confusion.

Because in this industry, trust is everything.

We’re thankful for ALTA’s leadership on this topic, and we wanted to expand on their important message. Fighting fraud isn’t just about responding to incidents — it’s about preventing them with systems that close the gaps scammers look for.

Let us know if you'd like to schedule a personalized demo to see how CloseSimple can help your Title or Escrow company stay ahead of fraudsters, and together, let'’s keep pushing the industry forward.