Title Agent Wire Fraud Prevention
16 January 2024
Category: Fraud
16 January 2024,
 Off

In today’s climate of heightened wire fraud risk, title professionals face a significant challenge. The FBI reports a 400% increase in business email compromise losses over the past five years, reaching nearly $3 billion last year alone. These types of losses do not discriminate and impact a wide variety of businesses and individuals regardless of their age, income bracket, or experience.

Fortunately, title agents now have access to an assortment of tools to help mitigate fraud and phishing scams.  The security of your title agency starts with a robust systems security protocol, which could include partnering with a cyber security company to provide advice and tools to protect servers and data backups from being hacked.  Business Email compromise can be lessened by using encrypted emails. Additionally, third-party platforms enabled with communication between you and your client keep wire instructions out of the normal email send and receive chain and could prevent phishing schemes. As always, make sure to emphasize the importance of a phone call to your clients who could be sending private information or funds to your office, make sure they know who to call before sending any funds or information.

ALTA Insights created a detailed webinar addressing email compromise and wire fraud. The great thing about this is you can listen while you work, discovering helpful tips and advice that could help secure your business.

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