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,
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