We’ve written before about the startling rise of wire fraud in real estate transactions. The FBI reported a 1,100 percent increase in these scams between 2015 and 2017.
Yet, according to a nationally representative survey conducted last year by ALTA’s Data & Analytics Work Group, only 58 percent of title companies have cyber liability insurance policies.
Moreover, only 25 percent of agents nationally have a social engineering endorsement or specific funds transfer fraud coverage.
We’ll let that sink in…
The way we see it, this is ridiculous.
Why anyone would let a title company that is not protected with the proper liability coverage close their transactions is beyond us. If something happens, be it a cyber attack or a wire fraud scheme, and the title company has no protection, neither do their customers.
How WWLT keeps your escrow money safe
In addition to remaining compliant with all ALTA Best Practices, and never sending wires without first confirming the instructions and demanding authentication on two fronts, World Wide Land Transfer also maintains cyber liability, social engineering and crime liability policies to protect our clientele.
Our third-party positive pay features and encryption programs utilize the most up to date technology to keep the consumers’ private information safely stored. Additionally, we regularly change passwords and perform validation exercises on all third parties.