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

  • 2017 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.

Establish and Maintain Operational Readiness

  • NEW ITEM: 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 Committee. 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 RequirementsGramm-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 RequirementsForty-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.

  • 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.

Information Security Articles

Recent 2019 2018 2017 2016 2015 2014

FFIEC Encourages Standardized Approach to Assessing Cybersecurity Preparedness
August 29, 2019
The Federal Financial Institutions Examination Council (FFIEC) says using a standardized approach to assess and improve cybersecurity preparedness is the best course to reduce risk.
Cryptocurrency Thefts, Scams, and Fraud Could Hit $4.3 Billion in 2019
Venture Beat  |  August 12, 2019  |  Dean Takahashi
Cryptocurrency thefts, scams, and fraud could hit $4.3 billion in 2019, according to a report by cryptocurrency intelligence firm CipherTrace, which previously reported Q1 fraud at about $1.2 billion. CipherTrace has now released its Q2 2019 Cryptocurrency Anti-Money Laundering Report, the latest comprehensive overview of major cryptocurrency thefts, scams, and fraud around the world.
Cybersecurity: Remain Vigilant
July 25, 2019
You may not be interested in cybersecurity, but cybercriminals and government regulators are interested in you and what you do to protect your clients’ information.
Report: Attempted Losses Due to Business Email Compromise Schemes Spike to $301M per Month
July 16, 2019
According to FinCEN, real estate was the third highest targeted sector for BEC in 2018, accounting for 16 percent of all reported incidents. While real estate firms represented 9 percent of all targeted firms in 2017, they accounted for over 20 percent of fraudulent transaction amounts. Real estate firms have the highest average fraudulent transaction amount of $179,001.
Detectives Recover $471,000 for Scammed Texas Homebuyers
CBS Austin  |  July 10, 2019  |  Melanie Barden
After filing a report with the FBI, the homebuyers contacted the Williamson County Sheriff's Office. Within days, the detectives were able to secure the money at a bank in Florida. ALTA has produced a short video and an infographic to help raise awareness about wire fraud, as well as a downloadable 10-step guide on what to do if you've been hit by wire fraud. Click here to access the resources. In addition, the ALTA Registry can serve as an effective countermeasure to wire fraud. Make sure your company is confirmed.