The potential of a devastating wire transfer fraud incident is what keeps many title and escrow officers up at night. Research shows those fears aren’t unfounded. Wire fraud results from business email compromise, a fraud scheme growing more prevalent in real estate transactions every year.
But here’s some good news: Training and education within the industry seem to be paying off. Only about 8 percent of cybercriminals were successful in diverting funding to a fraudulent account last year, according to ALTA’s 2021 Wire Fraud and Cyber Crime Survey. As the industry has made significant headway in thwarting these attempts, title and escrow professionals must continue to educate their customers about staying vigilant throughout their transactions. Equally important are title and escrow companies doubling down on data security measures and embracing innovations to keep their customers safe. With the continued increase of digital transactions, cybercriminals are modifying their tactics, making consumer awareness and protection critical.
Chances are you've likely sat in a workshop, read an article or attended a webinar about data security. Your company also likely has a plan in place to protect your title and escrow processes from cyber attacks. However, as losses due to real estate wire fraud stack up and phishing scams continue their relentless campaign to find holes in your data security, reviewing the ways you protect your company and customers’ data and making sure you're implementing suggested essentials that can help prevent wire fraud is important. Remember: It takes only one fraudulent email for someone to become a victim.
Download our free e-book to learn about:
- How to maintain data security
- Email password recommendations
- The importance of phishing scheme awareness
- Rapid response plans and wire fraud preparation checklists
- ALTA recommended wire fraud protections
- Wire fraud prevention integrations in SoftPro 360