WHAT IS CYBER FRAUD, HOW TO HELP PREVENT IT AND WHAT TO DO IF YOU ARE A VICTIM.
WHAT IS CYBER FRAUD?
Cyber Fraud is when credit and financial information is criminally stolen or taken online by a hacker. Imposters
to your transaction commit cyber fraud most often by Phishing, a term used for posing as a part of the
transaction either as a real estate company, title agent, or a buyer or a seller via email. Scammers email
home buyers, claiming that down payments and closing funds need to be wired elsewhere.
SOLUTIONS TO HELP PREVENT CYBER FRAUD:
√ Talk with your customers early and often about the closing process and money transfer protocols including alternatives to wiring funds.
√ Remind customers to NEVER respond to emails about wiring funds, and ALWAYS call you at a known number before agreeing to
anything via email. Stress the importance of not using phone numbers or links from an email.
√ Watch the email addresses you receive emails from regarding your transactions. It is common for hackers to change one character of an
email address to fool victims.
√ Instruct customers to avoid emailing any financial information.
√ Have the bank confirm the name on the account and look for any red flags in the wiring instructions before sending funds.
√ It is uncommon for title companies to change wiring instructions and payment information by email.
√ A cashier’s check is an excellent option for avoiding wire fraud. The title company can verify checks with the bank prior to funding.
√ Consumers should verify with the title company within
WHAT TO DO IF YOU HAVE BECOME A VICTIM
OF CYBER FRAUD:
√ Report the crime to www.IC3.gov.
√ Call the regional FBI office and police to file a report and secure help from the authorities.
√ Detecting that you sent the money to the wrong account within 24 hours gives you the
best chance of recovering the money.