{"id":134098,"date":"2021-03-16T00:00:07","date_gmt":"2021-03-16T04:00:07","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/?p=134098"},"modified":"2021-03-16T11:53:19","modified_gmt":"2021-03-16T15:53:19","slug":"cyber-security-awareness-month-focus-re-wire-fraud","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/cyber-security-awareness-month-focus-re-wire-fraud\/","title":{"rendered":"Cyber Security Awareness Month Focus: RE Wire Fraud"},"content":{"rendered":"
\n

Buyers continue to lose home-purchase money to wire fraud. They need to understand the problem, and have access to the tools and resources that can help keep them safe.<\/p>\n<\/div>\n

\n

WASHINGTON \u2013 October is\u00a0National Cyber Security Awareness Month<\/a>. The Real Estate Fraud Prevention Coalition is working with its partners in federal, state and local government to elevate public understanding of cybersecurity risks and give consumers the tools and resources they to stay safe online. This year\u2019s theme is \u201cDo Your Part.\u00a0#BeCyberSmart<\/a>.\u201d<\/p>\n

\u201cWire fraud is one of the fastest-growing cybercrimes in the U.S., and consumers need to understand the risks that exist within every real estate transaction,\u201d says National Association of Realtors\u00ae (NAR) President Vince Malta. \u201cAs Realtors, we have a critical role to play in educating and protecting both home buyers and sellers \u2013 and NAR is exploring every possible opportunity to defend against cybercrimes targeting American citizens.\u201d<\/p>\n

As part of the initiative, the Real Estate Fraud Prevention Coalition prepared resources to\u00a0help consumers protect their data<\/a>\u00a0and sensitive information, especially when buying a home. The Coalition\u2019s list of tips and tools to help reduce cyber incidents can also be found at each participating association\u2019s website.<\/p>\n

\u201cMembers of the American Escrow Association handle your personal information and dollars through safe and secure communications and financial systems,\u201d says Carlye Buxton, president of the American Escrow Association. \u201cPlease always remember: Whenever you send money or personal information by electronic means to your settlement agent, be sure to verify with your point of contact at the company that the destination is really your settlement agent.\u201d<\/p>\n

The FBI\u2019s Internet Crime Complaint Center received 467,361 complaints in 2019 \u2013 an average of nearly 1,300 per day \u2013 and recorded more than $3.5 billion in total losses. Additionally, COVID-19 has created new global cybersecurity threats, with the number of registered fraudulent emails and text messages spiking nearly 700% in the early days of the pandemic.<\/p>\n

\u201cThe title and settlement industry has improved its digital hygiene and implemented many procedures to combat wire fraud,\u201d says Diane Tomb, CEO of the American Land Title Association. But \u201cno matter how much money we spend, criminals will continue to target consumers. This is why we must continue to educate people about how they can protect their money when purchasing a home or refinancing a mortgage.\u201d<\/p>\n

Different types of cyber threats pose risks to the real estate industry and its customers, including scams in which criminals posing as real estate or title agents send fraudulent emails instructing homebuyers to initiate wire transfers to illegitimate accounts. These scams, which often appear credible because of the specific, personal content contained in the email, have the potential to defraud homebuyers out of tens of thousands of dollars over the course of a transaction.<\/p>\n

\u201cAs real estate transactions become increasingly digital, cybercriminals continue to get more and more creative in their efforts,\u201d says Bob Broeksmit, president and CEO of the Mortgage Bankers Association. \u201cIt is important that borrowers and the industry remain vigilant, protect their data, and follow best practices in sharing personal and financial information.\u201d<\/p>\n

By Kerry Smith<\/em><\/h6>\n

\u00a9 2020 Florida Realtors\u00ae<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Buyers continue to lose home-purchase money to wire fraud. They need to understand the problem, and have access to the tools and resources that can help keep them safe. WASHINGTON \u2013 October is\u00a0National Cyber Security Awareness Month. The Real Estate Fraud Prevention Coalition is working with its partners in federal, state and local government to<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":5437,"featured_media":130092,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[12269],"tags":[],"yoast_head":"\nCyber Security Awareness Month Focus: RE Wire Fraud - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/cyber-security-awareness-month-focus-re-wire-fraud\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cyber Security Awareness Month Focus: RE Wire Fraud - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Buyers continue to lose home-purchase money to wire fraud. They need to understand the problem, and have access to the tools and resources that can help keep them safe. WASHINGTON \u2013 October is\u00a0National Cyber Security Awareness Month. 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