BuyerDocs is a service for title companies to use to securely share wire transfer information with their customers (residential or commercial buyers and lenders). According to the FBI, real estate wire fraud attempts increased by 480% in 2016. BuyerDocs is here to combat wire transfer fraud.
BuyerDocs is for title companies and property buyers/lenders. Title companies simply select the wire transfer information they are trying to share with their customers (buyers and lenders). The buyers and lenders simply log into BuyerDocs using their email address and select their title company in order to retrieve the wire transfer information. Everyone (including real estate agents) can rest assured knowing buyers and lenders are receiving authentic wire transfer information from their title company.
We provide a web-based service for securely communicating wire transfer information (and other documents) to buyers and lenders. Most title companies rely on emails or phone calls to communicate wire transfer information and any other documents. Unfortunately, emails and phone calls are easily hacked and spoofed. While those options are great for communicating insecure information, sensitive information such as wire transfer instructions should be transmitted securely using our website. Using BuyerDocs helps eliminate the threat of phishing attacks on unsuspecting buyers.
Encrypting email is almost as old as email itself and there are many protocols and implementations. While it is difficult for a hacker to modify an encrypted email, this does not solve the major issue of spoofing emails. An encrypted email that is spoofed looks the same as a legitimate encrypted email. Therefore, nothing has been accomplished in trying to prevent fraudulent wire transfer emails. Furthermore, encrypting emails adds overhead to both title companies and buyers/lenders by requiring passwords and encryption keys. See our white paper for more information: The Fallacies of Encrypted Email in Real Estate
You can try. Unforunately, many title companies think phone calls prevent wire transfer fraud. Just like emails, phone calls are spoofed and faked. Hackers are actively sending buyers and lenders incorrect phone numbers via email or text to call to 'verify' the wire transfer instructions. When the buyer/lender calls, the hacker provides the hacked account information. Meanwhile, the hacker also contacts the title company pretending to be the buyer/lender. Hackers do this so the title company does not realize the buyer/lender has not received the information. Unforunately, the addition of phone calls has done little to protect the buyer.
That's a great step in trying to protect the buyer and lender. However, most buyers and lenders either forget to independently verify the number or are too lazy. If the buyer or lender is already expecting a phone number to call for the wire transfer information, then they are unsuspecting when a fraudulent phone number arrives via text or email. Title companies and buyers/lenders can avoid all of this complexity and overhead by simply using BuyerDocs.
Sure, and most title companies try to make their customers aware of the dangers of wire fraud via multiple outlets such as warnings, waivers, and email signatures. Unfortunately, the buying experience is overwhelming for many people and they become victims of wire fraud even though they were warned ahead of time. Over 50% of recent buyers are still unaware of wire fraud in real estate. Regardless of fault, nobody in the process wants to see a buyer or lender lose their payment. BuyerDocs prevents the need to extensively educate every buyer and lender on the risk of wire fraud.
Why reinvent the wheel? Title companies are experts at closing real estate transactions, but we are experts at providing secure wire transfer information. Let us handle the worry and hassle of server maintenance, hosting, administration, privacy, and security. Proprietary systems cost more, have more bugs, and are less secure than standardized systems like BuyerDocs.
We're glad you asked! Our simple pricing model works for any size title company. There is a base fee of $500 per month plus $0.50 for each secured transaction. For example, a title company processing 500 transactions per month pays $500 + (500 x $0.50) = $750. Invoicing occurs monthly.
It's a small price to pay to eliminate wire fraud.
Perfect! BuyerDocs is built to scale for any size client. We offer two options for title companies with multiple branches/regions:
Surprisingly, no. In order to protect the integrity of our site, we must verify each title company that wants to use our serivce. This typically involves a 5 minute phone call or email verification. We do this to prevent hackers from signing up for our service pretending to be a title company to defraud buyers and lenders.
First, a title company provides us their wire transfer information which we securely store in our system. From then on, a title company admin needs only the email address of the buyer/lender (a GF number is optional). Once the admin enters the email address, and selects the appropriate wire instructions (and uploads any other documents), our service emails the buyer/lender to let them know their wire transfer information is available. As mentioned, email is great for communicating insecure data (i.e. notice of information being available); our secure service is great for communicating sensitive data (i.e. wire transfer information). In addition, we CC the title company admin on every notification we send to the buyer/lender to increase transparency and simplify recordkeeping for the title company.
No account or registration is necessary for a buyer or lender! Once the title company admin adds a buyer or lender to the system (outlined above), the buyer or lender simply logs in by entering their email address and choosing their title company from a dropdown menu. Title company admins can view if/when a buyer/lender has logged in to view their information. This allows title companies to monitor for any potential delays in closing.
Our site works great on mobile, too, so buyers can access their wire transfer information directly from their phone at the bank!
Both master and regular admins can add new buyers/lenders to the system, as well as remove and notify buyers/lenders already entered. When either type of admin adds a buyer or lender, they select the appropriate wire information from a drop down menu. No type of admin or user can add, remove, or modify wire transfer information.
Master admins can also add or remove regular admins. The number and type of admins is determined by the title company's master admin(s). When a title company account is created, a single master admin is created for that title company. Note: we recommend providing master admin access to as few people as necessary.
Simply contact us to begin a risk-free 90 day trial. Use our service for as many or as few transactions as you'd like. If for any reason you are not completely satisfied, cancel anytime.
We would love to answer them! Please email us at [email protected]