September 2025 CloseSimple Webinar: FinCEN & Fraud Prevention Strategy

The worlds of regulatory compliance and fraud prevention are converging. With new FinCEN reporting requirements on the horizon, many in the title and real estate industry are asking how to prepare without disrupting their entire operation. The answer lies in building a holistic strategy where security and compliance are natural extensions of an excellent customer experience.

In our recent webinar, Paul from Close Simple shared our core philosophy on this topic. He explained how a proactive, unified process can not only make you FinCEN-ready but also drastically reduce your exposure to common fraud schemes.

For those who missed it, you can watch the full recording below. We've also summarized the key takeaways for you.

Key Takeaways from the Session

1. Customer Experience is the Foundation for Security

A disjointed process with multiple vendors for different tasks (e-signing, wire instructions, document delivery) confuses consumers and creates security gaps. By starting with a consistent, white-labeled customer experience that comes directly from your brand, you build trust from day one. When customers trust your process, they are less likely to fall for phishing scams or wire fraud attempts that mimic your communications.

2. FinCEN Readiness is a Process, Not Just a Product

Preparing for FinCEN involves three core steps: Identify, Capture, and File.

• Identify: Proactively identify which transactions will require reporting (estimated at 8-11% of files). Your title production software should help automate this.

• Capture: Use smart, digital forms to naturally collect the required information from buyers and sellers. We've found our forms have over a 75% completion rate within 59 hours.

• File: Before you file, implement a crucial quality control (QC) step where someone with intimate knowledge of the transaction can verify all information, especially the source of funds.

3. Don't Let 5% of "Weird Files" Dictate 100% of Your Process

You can have the best tools in the world, but they are useless if your team doesn't adopt them. We believe in designing systems that automate and cover 95% of your transactions seamlessly. This drives massive adoption and efficiency. For the remaining 5% of unique cases, you can have a manual process. This approach ensures your team consistently uses the secure, efficient system for the vast majority of their work, dramatically reducing risk and exposure.

Practical Steps to Get Started

Paul outlined four practical applications to build your holistic strategy:

1. Simplify Your Vendor List: Reduce confusion for your team and customers by consolidating tools into one unified platform.

2. Deploy Automation and Integration: Leverage your title production software to its fullest potential to trigger communications and tasks automatically.

3. Leverage Data First, Then Involve the Human: Use passive verification and existing data to reduce the friction for consumers and identify fraud early.

4. Ask More of Your Consumers: Empower buyers and sellers to be active participants in moving the file forward by giving them the tools to provide information quickly and securely.
   
   

Take the Next Step

Building a secure, efficient, and compliant operation is an ongoing practice, not a one-time fix. It starts with defining your ideal customer experience and then layering in the technology to make it a reality.

Ready to see how Close Simple can help you build a unified process that brings communication, secure data collection, and fraud prevention all under your brand?

Schedule a Free Demo with Our Team Today!