Don’t Be Afraid of Wire Fraud-Be Active!

Don't Be Afraid of Wire Fraud!

Happy spooky season from your friends at Continental Title Company!

October is a month for treats, but it’s also a month known for tricks (and not the fun kind). That’s why we wanted to spotlight National Cybersecurity Awareness Month and the very real dangers of wire fraud.

Cybercriminals love to pretend to be someone else, but they’re not dressing up as ghouls, goblins or vampires. Instead, they’re spoofing title agencies (and Realtors and loan officers, too) and providing phony wiring instructions that direct the funds of your buyers into their own bank accounts. And as we’ve all seen recently, they’re only growing in prevalence.

You do a great job of communicating the dangers of wire fraud to your customers during the real estate transaction, but there’s always more work to be done. Scammers continue to grow smarter, so our defenses must get tougher. Here’s a special list of tips to help keep you active this season.

The Three Cs of Cybersecurity from Continental Title Company:

  • Change: As in change your passwords and do it regularly. Put it on your calendar if you need to, and make sure each of your passwords is strong. It may even be helpful to put a reminder on your calendar. Plus, it’s always important to stay up to date regarding the changes in the world online.
  • Coverage: As in, be covered by a plan.  Benjamin Franklin said, “By failing to plan, you are preparing to fail.” In any business, it’s essential to have a cybersecurity plan, starting from the top down. Click here for more information.
  • Continuity: Avoiding hackers is essential because they can steal access to your accounts, which can feel debilitating. Make sure your entire team knows procedures and protocols. Plus, it’s critical to practice them often. Prepare for the worst, and you’ll be the best-prepared person or group out there.

Shout wire fraud warnings from the rooftops! Tell anyone who will listen that cybercriminals could be targeting your money with real estate-related and other scams at any time, and keep talking about why it’s so important to be extra vigilant during the closing process.

Finally, here’s an evergreen reminder for both our partners and your clients. As the title company that cares, we’re always here to help ensure the security of every client we serve. Reach out to your local Continental Title office if something ever seems off during your transaction. Let’s work together to make sure that the only scares this month are the ones that end with everyone laughing.