Cyber Security and Wire Fraud, two terms that are becoming more familiar to people. In day to day operations, most people do not think of Cyber Security, and Cyber Crime is that thing that happens to other people.
Most people have only heard about Fraud and Data Breaches on the news. Today, more people in the Real Estate industry know someone whose computer was infected by a virus or have been involved in wire fraud (either successful or unsuccessful).
For many in the Real Estate Settlement Services industry this is their worst nightmare: the moment you realize that you have acted on fraudulent wire instructions, and the funds are gone. Panic sets in. You are trying to find the guidelines you have on what steps you need to take. You quickly call your bank, you report the fraud at the FBI’s website, you try to reach out to the FBI and local law enforcement. Now what? You feel powerless. You feel like you have no control. You want to get this fixed now!