Avoiding Cyber Attacks and Mitigating Risk
In only twelve months, $150 million was lost to wire fraud from the real estate industry and its customers, according to the FBI. Wire fraud is often carried out through email or “phishing” scams in which a criminal impersonates a trusted party with a compromised email account. The crime is carried out when the consumer mistakenly wires their money to the criminal’s bank account, rather than the intended account. Once this money is wired, it’s almost impossible to recover.
The technical skill level needed to initiate these scams is low, making it easy for cybercriminals to prey on unsuspecting consumers. Unfortunately for victims of wire fraud, even if you’re able to contact your bank immediately and report it to the FBI and local police, the money often cannot be recovered. With a 166% increase in wire fraud losses, even the most seasoned industry veteran can fall victim if they’re not prepared.
Preventing Wire Fraud
Educating your staff and consumers on the dangers of wire fraud is a great first step in prevention. A few more steps you can take include:
• Taking out the email component
• Using a secure portal
• Making sure all parties verify any wire transfer instructions and requests in changes to information
• Confirming receipt of any transfers
All of this can be accomplished with the E-Closing Portal!
The E-Closing Portal offers:
• Secure, encrypted messages and documents
• Safe transmission of wire instructions
• Protection against cyber-attacks, security breaches and phishing attempts to all parties involved on a transaction
• Agency branding to fit your business
• Status tracking, real-time updates and notifications
Access to the E-Closing Portal is included with the E-Closing Title Processing Suite at no additional cost. With E-Closing, you can be proactive about cybersecurity for your consumers and your business, and do your part to prevent wire fraud.
Don’t become part of the statistics!
Contact us today for more information on all the ways E-Closing can assist your agency in the prevention of wire fraud and other cybercrimes.