Title and settlement companies impersonated as part of an email phishing scam should notify customers as soon as possible, contact law enforcement, provide resources for affected consumers and review the company’s security practices, according to the Federal Trade Commission (FTC).
Offering immediate advice and support can help companies retain customer goodwill.
Companies should use fraudulent emails as a reminder to update security practices as well as taking advantage of them as training opportunity for their staff. Criminal organizations that perpetrate these frauds are continually honing their techniques to exploit unsuspecting victims, which makes constant awareness and education a necessity.
Data security isn’t just a one-and-done checklist. Threats are ever-evolving, so your defenses need to be nimble, too. Check out the FTC’s data security portal for information on securing sensitive customer information. Follow case developments and read publications designed for companies of any size and sector, including Start with Security and the recently refreshed Protecting Personal Information: A Guide for Business. Pressed for time? Pledge two minutes a day to watch a video from the FTC’s resource library for businesses. The third pillar of ALTA’s Title Insurance and Settlement Company Best Practices provides guidance on adopting and maintaining a written privacy and information security program to protect non-public personal information.
Copyright © 2004-2017 American Land Title Association. All rights reserved.
This article has been used and reprinted with the permission of The American Land Title Association. The material is for general information purposes only and is not to be relied upon or used for any particular purpose. Title Industry Assurance Company, RRG and The American Land Title Association shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice