Cybersecurity and Wire Fraud: What Title Companies are Doing to Keep Your Money Safe
May 25, 2023
As technology continues to become more sophisticated, the threat of cybercrime and wire fraud increase. Title companies are responsible for safeguarding their clients' money, and they are taking steps to protect them from cyberattacks and wire fraud.
The most common way criminals commit wire fraud is by using phishing scams. In a phishing scam, criminals will send an email with a link to a website that looks like the legitimate website of a legitimate business, or an email asking for personal information. Once the victim enters their personal information, the criminals are able to transfer money from the victim’s account to their own.
Title companies are taking measures to protect their clients from this type of wire fraud. They are implementing the following measures:
- Multi-factor authentication, which requires the user to enter a one-time code, as well as their username and password, in order to log in to the website.
- Two-factor authentication, which provides an additional layer of security, such as a password and a fingerprint or facial recognition.
- Advanced encryption techniques to safeguard the data that is transmitted over the internet.
- Educating their clients on the dangers of wire fraud and how to protect themselves.
By implementing these measures, title companies are doing their part to protect their clients from wire fraud. With these steps in place, title companies are helping to ensure that clients’ money is safe and secure.