Tips to Prevent Cyber Fraud

Following good cyber hygiene is important on every transaction. It’s vital to be prepared for cyber fraud attempts as it’s no longer “IF,” but rather “WHEN” a cyber attempt will target you and your data. Here are 10 tips to help protect your company:

1. Create a log of all approved parties’ phone numbers at the start of a transaction.
2. Avoid using free, web based email accounts for business communications.
3. Prior to closing, execute an agreement with the seller/ borrower indicating the method of funds transfer: check or wire.
4. Transactions that result in a large cash payment to a refinance borrower or seller are highly susceptible to attack.
5. Question and confirm by phone with approved parties any deviation to the funding agreement; changes are not common and may indicate fraud.
6. Confirm wiring instructions by phone with approved parties prior to sending.
7. Confirm receipt of wired funds by phone with the intended recipient.
8. Practice good cyber hygiene: keep antivirus software up-to-date, don’t click suspicious links and use strong passwords.
9. Slow down and stay in control; a slow, confirmed closing is still acceptable.
10. If you suspect fraud, act immediately; contact your bank and appropriate authorities.

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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.