Title Companies Help Mitigate Risk of Wire Fraud, ALTA Cybercrime Study Shows

February 27, 2025

Title professionals continue to be targeted by attempts to steal funds from real estate transactions, but consumer education and staff training are helping mitigate losses, according to ALTA’s latest cybercrime study.

More than 40% of title companies reported receiving at least one email per month in 2023 attempting to change wiring/payoff instructions. Despite the monthly attempts, only 7% of companies sent wire funds to a fraudulent account, the CertifID-sponsored study of 360 participants showed. Meanwhile, 13% of respondents reported their customers wired funds to a fraudulent account.

“Title and settlement companies take protecting their clients’ funds extremely seriously,” said Diane Tomb, ALTA’s chief executive officer. “That’s why title professionals make it a priority to educate consumers about wire transfer fraud. By raising awareness about red flags, secure communication practices and verification steps, homebuyers are better equipped to protect their hard-earned money from cybercriminals. Knowledge is the first line of defense in ensuring a safe and secure homebuying experience.”

Title companies utilize an array of tools to mitigate the risk of wire fraud, including consumer (51%) and real estate agent (37%) training, wire/payee verification software (48%) and simulated phishing email testing of employees (26%). These mitigation efforts require investments by title companies ranging anywhere from $1,000 to $25,000 annually, the survey showed.

An overwhelming majority of title companies inform and warn consumers about cybercrime risks through email (84%) or by telephone/in person (72%). In addition, title companies also mail information to consumers about cyber risks and provide warnings on their websites.

Internally, 78% of companies that took the survey train employees at a minimum on a yearly basis on identifying and preventing wire fraud attempts, with 62% educating staff weekly, monthly or quarterly.

“It’s clear the title industry has taken many proactive steps to protect and educate their customers about the threat of wire fraud, but cyberattacks continue to evolve and are becoming more difficult to recognize,”  Tomb said. “Protecting against criminal actors takes a collaborative approach from everyone involved in real estate and mortgage transactions.”

Additional Survey Highlights

  • 94% of title companies remain concerned about the threat of wire fraud over the next 12 to 18 months.
  • About half the companies that took the survey reported cybercrime attacks targeting their operation stayed the same in 2023 compared to 2022, while 40% reported attacks increasing slightly or significantly.
  • Results were similar for attacks targeting customers, with 52% of companies reporting the number of attacks on customers remained the same when comparing 2023 versus 2022. Meanwhile, 39% reported cyberattacks on customers increased slightly or significantly year-over-year.

Wire Fraud Resources

ALTA provides several resources to help title and settlement companies protect against wire fraud and to raise awareness about the threat with customers. Here are a few:

More resources can be found on ALTA’s website.


Contact ALTA at 202-296-3671 or [email protected].