Wire fraud has been threatening the safety and security of large and small businesses alike and has become a growing problem in the Real Estate and Title Industry. When the National Association of Realtors asked a group of Real Estate Professionals if they knew a colleague who had or if they themselves had ever worked with a client who felt victim to wire fraud, over one third answered yes.
With attacks on the rise, keep in mind it is important to verify any suspicions such as a change in wiring instructions by calling a trusted phone number. Here’s a few other helpful strategies that can protect you from falling victim to wire fraud:
-Ask your email provider to set up Multi-Factor Authentication for email accounts.
-Create strong passwords. Use letters, numbers, and punctuation at least eight characters long. Use unique passwords for different applications. Change your passwords every 120-180 days.
-Always verify any change made to wiring instructions in an email by making a phone call using a trusted number. Don’t use the phone number provided in the email containing the instructions- use phone numbers you have called before or can verify. Most of the time, there are rarely changes in wire instructions during the course of a transaction.
-Be careful not to forward wire instructions to other parties without first verbally verifying the instructions from the sending party.
-Be situationally aware. Watch out for URLs embedded in the message don’t match the sender and URLs contain a misleading domain name. Another sign of an attack is a message contains poor spelling and grammar.
-Trust your instincts. If there is any question or suspect of a wire or check was sent fraudulently, always notify the bank and contact the recipient bank to have the best chance at securing the funds.
Through education, awareness and preparedness, you can protect yourself & your buyers. Contact Us Today To Host Your Own Cyber Course!
During Our Training You Will Learn:
-How to protect your data
-How to help your clients develop situational awareness of these attacks
-How these attacks work
-How to pick partners you can trust
Contact Regina Braga: 401-773-2085 res-title.com firstname.lastname@example.org
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