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.

The ALTA Board has identified information security and wire transfer fraud as a Strategic Priority and staff are working to educate members on security threats to their businesses in both cyber and physical environments, collaborate with coalition partners to raise consumer awareness about information security and wire transfer fraud, and promote best practices for protecting personal funds and information and seek policy change that will protect consumers.

Do You . . .

  • work in the land title insurance industry?
  • use a computer, tablet or smartphone?
  • talk and email with vendors, clients, customers and consumers?

ALTA Helps You

Tools You Can Use

Get The Facts

  • 2019 Internet Crime Report. Published by the FBI's Internet Crimes Complaint Center (IC3). Take 30 minutes to read this report and discover the trends in cyber crime, which impact more than 200,000 victims every year and result in losses topping $1 billion. The report shows there were 11,677 victims of real estate wire fraud in 2019 with $221 million in losses.

Establish and Maintain Operational Readiness

  • 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: The standard ALTA Rapid Response Plan for Wire Fraud Incidents has been developed by the ALTA Information Security Work Group. Download and customize:
  • ALTA Best Practices. The third pillar of ALTA’s “Title Insurance and Settlement Company Best Practices” provides procedures that should be taken to protect non-public personal information (NPI).
  • Federal Requirements. Gramm-Leach-Bliley Act (GLB): This regulation requires financial institutions—companies that offer consumers financial products or services like loans, financial or investment advice, or insurance—to explain their information-sharing practices to their customers and to safeguard sensitive data. These companies include title and settlement companies, as well as law firms.
  • State Requirements. Forty-seven states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands have enacted legislation requiring private, governmental or educational entities to notify individuals of security breaches of information involving personally identifiable information.

Promote Employee Awareness and Preparation

Title and settlement professionals are on the front line in the battle against wire transfer fraud. Use these tools to help prepare your employees:

Be a Leader for Clients & Consumers

ALTA has developed tools to help you educate consumers about the dangers of wire fraud.

  • 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 Infographic: ALTA has produced this Rack Card explaining Wire Fraud. ALTA Members can brand the infographic with their own information at the ALTAprints website.
  • 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 Customers


Information Security Articles

Recent 2021 2020 2019 2018 2017 2016 2015 2014

Homebuyer’s Life Savings Stolen in Wire Fraud but Recovered for Timely Closing
February 24, 2021

As a second-time home buyer outside of Denver prepared for the purchase of his new home, he received an email appearing to come from the title company asking him to wire his closing funds early in the transaction. The buyer wired nearly $80,000. Two days later, he was notified that the money did not arrive at the title company. Fortunately, the title company quickly engaged and advised him how to notify the financial institutions involved of the crime.

FTC Warns Small Businesses of COVID Scam
January 14, 2021

According to the Federal Trade Commission, the email claims to come from the “Small Business Administration Office of Disaster Assistance,” indicating the recipient is eligible for a loan of up to $250,000 and asks for personal information like birth date and Social Security number.