Introduction The Federal Bureau of Investigation estimates criminals attempted to divert more than $90 billion in wire fraud transfers between June 2016 and December 2018. These “trick and transfer” scams are at the center of Business Email Compromise (BEC) epidemic that threatens nearly all businesses in the United States. The real estate sector has become a prime target for cyber perpetrators. Everyone in a transaction,
Cybersecurity and wire fraud are serious subject in the world of real estate, and we here at Landmark Abstract want to educate you on these subjects! Under this category, you will find quite a few different topics relating to both issues.
First, cybersecurity is actively protecting yourself for the unauthorized use of your data. Creating secure passwords and making sure your virus definitions are up date on your computer are two ways you can do this. Let's go on to wire fraud and learn what that is.
Secondly, wire fraud falls under the financial aspect of using technology for deceptive purposes. (Remember, good cybersecurity can help here!) We have plenty of topics here to help you understand wire fraud, especially on how it can affect you. Also, we cover how title business owners can fall victim to wire fraud.
More Information About Cybersecurity & Wire Fraud
Next, our Downloadable Resources page has some great information about cybersecurity & wire fraud! Here, we have handouts that tell you how to protect yourself, how to identify suspicious emails, and how to identify red flags that indicate wire fraud. We encourage you to take a look and learn!
To sum things up, we here at Landmark Abstract encourage you to learn about cybersecurity & wire fraud. Especially if you are looking to purchase a home in the near future. If you are currently involved in a transaction with us and suspect a cybercrime, follow the instructions and advice about wire fraud found here.
Lastly, please use our contact form to ask any question you may have relating to cybersecurity & wire fraud.
Realtors, Title Companies, Lenders Who is responsible for wire fraud? This is a warning to realtors, title company and lenders. You could be on the hook for wire fraud. A white paper released by identity management company CertifID, analyzed a recent court ruling that increased the standard of care owed by transaction participants to prevent wire fraud losses. The Court Case: Bain v. Platinum Realty
Dangers of Telephone Spoofing The dangers of telephone spoofing are real! You’ve read the warnings: “Don’t wire funds in response to an email without using call-back procedures!” In other words, call the party who appears to have sent the email at a known, safe phone number and confirm that they actually sent the email. Well, what happens if you receive a phone call from your
Developing a Hack Proof Password With all the publicity about cyber fraud, many people are rethinking their online security and trying to develop a hacker-proof password. But is there really such a thing as “hacker-proof”? At the very least, you can lengthen the odds that anyone would get access to your email, your bank account, your credit card information and your online business accounts. Here’s
A new twist on wire fraud is running rampant! Over the past few years, settlement professionals have become targets for fraud. They are responsible for large sums of money which they are responsible for disbursing in the course of closing real estate transactions. Naturally, these schemes to divert funds continue and losses to the parties involved are often devastating. First, the closing professional receives an email