Have you heard of cyber insurance?

August 3, 2018

 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.

Please reload

Recent Posts

Please reload

Archive

Please reload

Tags

Please reload