Tag: Cyber Security

Combating Current Trends in Wire Fraud

By now most of you are probably familiar with the idea of scammers trying to steal buyers’ purchase funds. Since that amount is usually several thousands of dollars it makes sense that thieves would be interested in it. It ends up being a decent-sized reward for very little effort and risk.

Recently, we were made aware of a different twist in the wire fraud trend. Lately, title companies have started seeing scammers go after earnest money deposits. Even though the amount is relatively small, multiple thefts can add up to a nice paycheck.

How do they do it? A scammer hacks into a realtor’s or a closing agent’s email and waits. Pretty soon he (or she) starts seeing messages about a sale transaction. He emails the buyer posing as the realtor or title agent with wire instructions for their earnest deposit. The contract is signed and the buyer follows the scammer’s instructions not knowing he has been scammed. Eventually someone notices that the earnest money never was deposited, but it is usually too late to stop the funds from going to the wrong place. Unfortunately, the amount is so small that it might be virtually untraceable as well.

Here are a couple of ways to help reduce the risk of it happening to your clients:

Educate your clients! As soon as a potential client contacts you, begin arming them with the tools they can use to protect themselves. Sure, you don’t want to freak anybody out, but go ahead and warn them about the potential risk and what you will do to help keep them safe. Have them read and sign wire fraud information sheets as they sign their initial offer. Explain to them that you will NEVER, EVER email them about wire information. Go ahead and give your clients the confirmed contact information of the title company they will be using so they can confirm any wire information being sent to them.

Make sure your email is secure. Do not use a free email service. No matter how annoying it is to do it, change your password often! Send all documents relating to a transaction securely. If you think about it, a contract has names, money amounts, closing date, and contact info for some of the parties. It’s a goldmine of information for any scammer who may have managed to hack into your email. So send those documents through secure portals to keep everybody safe.

Help keep funds secure. Encourage your clients to use the secure programs offered by title companies, including CertifID for wire instructions and Earnnest for digital funds transfers.

The bottom line is we must respect every transfer of funds and work to protect those funds. If we don’t try to do anything about wire fraud, or think that it only happens to someone else, we are letting criminals have their way. A small action on our part could spike a scammers gun.

How to Securely Share Documents to Paperless Closer

With email fraud at an all-time high, it is highly important that any information shared with your title company be transferred securely.  In addition to password protecting emailed documents, the Paperless Closer technology utilized by Tallgrass Title allows for you to securely upload documents to our system.  The process is simple, secure and live in our system as soon as the document is uploaded.  Utilizing this platform is an easy alternative to emailing documents that may possibly contain Non-public Personal Information.  We will have immediate access as soon as you complete the process below.

When you upload a document to Paperless Closer, the system automatically restricts access to it.  No one other than the admin for that Paperless Closer (the title company) can change the restrictions and allow others to access the documents.

If you have never uploaded a document to Paperless Closer before, here is how you do it.

STEP 1: Click on the Add Document Button at the bottom

STEP 2: Click on Choose File to browse and locate the document you would like to upload.

STEP 3: Make sure you name your document in the Description Box. Then hit the Save button.

STEP 4: Once you have saved the Document will appear in the Document Tab List along with any other Documents you have permission to view.

Documents will also be available to us on our system right away.

Paperless Closer requires that the user has a login ID and password.  If you do not have an account, call or email and we will set up login information for you.  Once you have access, you will need specific permission for each file you would like to view.  Finally, uploaded documents are restricted until permission for access to any document is granted.  Every layer is one more way that the client (Buyer, Seller, Realtor, Lender) is protected.

Paperless Closer functions in real time.  This means that as soon as a document is uploaded, anyone with permission can access it.

Additionally, the document can be uploaded securely to this portal from anywhere in the world.  This means that you can upload a contract without delivering to our office.  More and more, folks are uploading their new contracts and requesting our free courier to pick up an earnest money check.  In this scenario, you never have to leave your office or home!

At Tallgrass Title we take our clients’ security seriously.  If you have any questions or need some help with your Paperless Closer, we are only a phone call away!