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,

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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

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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

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Wire Fraud and You. What do you know? What Is a Wire Transfer? A wire transfer is a way to quickly and safely transfer funds electronically from one bank account to another. Wire fraud may affect you when purchasing or selling a home. With a wire transfer, the recipient has access to the money almost right away, often within the same day for transfers within

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Wire Fraud Takes Aim at Home Construction Industry Wire fraud is growing its range of targets. The homebuilding industry increasingly in its crosshairs, according to this new white paper published by CertifID. Background Consequently, Thomas Cronkright II and Lawrence Duther wrote a white paper entitled “Wire Fraud Begins To Hammer the Construction Industry.” Cronkright II and Duthler co-founded CertifID and are anti-fraud technology developers.  According to the

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