Information Security and Wire Transfer Fraud are critical topics for the land title insurance and settlement industry. Wire Transfer Fraud is a threat to every title operation regardless of size, location or years in business. ALTA’s priority is helping you protect your systems, plan for a rapid response in case of an incident, and prepare your employees, clients and customers to be aware and vigilant.
Industry Standard Policies and Tools
- ALTA Outgoing Wire Preparation Checklist: Use this checklist as a best practice for verifying outgoing wire information.
- ALTA Rapid Response Plan for Wire Fraud Incidents: Use this tool to customize your action plan when a wire fraud attempt occurs.
- Video: How To Complete an IC3 Report. Watch the video to see how easy it is to help law enforcement gather information.
- ALTA Cybersecurity Incident Response Plan: Use this tool to help your team to establish and maintain secure systems and be prepared to act quickly if an incident occurs. Leverage these resources to implement Step 1: Preparation:
- ALTA Cyber System Overview: Use this narrative to improve your understanding of a Cyber System Inventory, why it is important to Cybersecurity efforts, and how to create and maintain your company's inventory.
- ALTA Cyber System Inventory Workbook: Use this model workbook to create and customize your company's inventory.
- ALTA Business Impact Analysis: Use this guide to examine your software applications, determine which resources are critical to your operation, and discover when to add resources to minimize the business impact of downtime.
Employee Training and Awareness
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- Monitor and Improve Employee Skills.
Consider a phishing security test for all of your employees. These companies can help:- Security Planner: https://securityplanner.org
- PhishMe: https://phishme.com/free
- KnowBe4: https://www.knowbe4.com/resources
- Webinars:
- ALTA Webinars provide access to industry experts and the latest information about information security topics. Visit the ALTA Webinars page to learn more.
- Monitor and Improve Employee Skills.
Resources for Your Clients and Consumers
- Wire Fraud Tips Video: Share this 1-minute video with homebuyers so they know how to protect their money.
- ALTA Wire Fraud Video: This 2-minute video provides four tips on how consumers can protect their money and offers advice on what to do if they have been targeted by a scam. Link to this video from your website, include in your email or share on social media.
- ALTA Wire Fraud Rack Card: ALTA has produced this Rack Card explaining Wire Fraud. ALTA Members can brand the infographic with their own information at the ALTAprints website. This rack card can also be branded in 14 different languages.
- ALTA Wire Fraud PowerPoint for Consumer Education: (Member-only content) Use this presentation to educate consumers about the dangers of phishing emails and wire transfer fraud. The presentation provides information on what to do if you’ve fallen victim to a scam and also highlights 10 tips to prevent wire fraud.
Get Information to Help Your Business and Your Customer Protect Closing Funds
Information Security Articles
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A Practical Cybersecurity Roadmap for Title Agents
By now, the message is clear for the title industry: Cyber threats are real, and no one is immune. Even if most agree that cyber defenses are critical, where does a title agent start—especially on a budget hampered by weak market conditions? Listen to this Stavvy-sponsored ALTA Insights webinar recording to get a practical, step-by-step guide to help your agency or law firm bolster its cyber defenses. Presenters offer tips to help small businesses dodge unnecessary expenses and leverage their budgets for maximum security.
The Hidden World of Money Mules
Money mules are typically individuals that criminals recruit to transfer illegally obtained money between different bank accounts. They can be witting or unwitting accomplices in these transactions. The promise of easy money might lure them in, or they may be completely unaware that they're participating in illegal activities.
Beware! Fake Chrome Error Messages Trick Users Into Installing Malware
Cybersecurity experts have warned that Google Chrome users are being targeted by a sophisticated scam, that tricks them into copying and pasting malicious malware onto their computers. The scam involves popup notifications falsely claiming an error has occurred while trying to open a document or web page. According to cybersecurity firm Proofpoint, the popup box instructs users to paste text into a PowerShell terminal or Windows Run dialog box.
Decoding the Tricks: An Analysis of Poisoned Domains in the SubdoMailing Attack
SubdoMailing is a domain takeover attack first discovered in February 2024. Malicious actors exploited poorly maintained Domain Name System (DNS) records to send fraudulent emails impersonating legitimate brands. Since February, Red Sift has conducted analyses of the attack and believes that multiple groups are using SudboMailing to send fraudulent mail on behalf of legitimate brands. Red Sift compiled an extensive dataset of poisoned domains, or domains included in the DNS of legitimate brands, that were exploited by malicious actors.
Report Highlights Court Battles Over Wire Fraud Liability
There’s been an alarming rise in real estate wire fraud, and it’s having a devastating impact on the title industry as well as consumers. Those victimized by such scams are turning to the courts to seek damages after their life savings or business liquidity is stolen by scammers. In a new report, CertifID analyzed more than 100 real estate wire fraud cases, and concluded that it’s becoming clear that title companies, law firms, banks and real estate professionals may bear potential liability if client funds are diverted to fraudulent accounts. Read on for analysis of a bank's liability, recent legal battles involving title companies, takeaways from the court decisions and risk mitigation strategies.