As we continue through 2023, it’s more important than ever to stay vigilant against wire fraud in the real estate industry.
In 2022, wire fraud increased by over 100%, becoming the most common cybercrime in the field. Shockingly, the average wire transfer targeted was over $100,000, which had a drastic impact on local title agencies. This issue is not limited to one state, as wire fraud has become a nationwide problem. According to CertifID, California, Colorado, and Florida are the top 3 states with the highest losses due to this type of fraud.
To protect your business, it’s essential to review your company’s prevention measures against wire fraud. It’s also crucial to determine if your E&O insurance covers your business against these types of losses. Keep in mind that most insurance protection is limited. If you would like more information about E&O for title professionals, contact the TIAC team.
Stay safe and secure by taking the necessary precautions against wire fraud.
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This information is provided for the purpose of illustration. The coverage provided is that set forth in the terms, conditions, and limitations of the policy of insurance.