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.
Industry Standard Policies and Tools
- 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: Use this tool to customize your action plan when a wire fraud attempt occurs.
- Video: How To Complete an IC3 Report. Watch the video to see how easy it is to help law enforcement gather information.
- ALTA Cybersecurity Incident Response Plan: Use this tool to help your team to establish and maintain secure systems and be prepared to act quickly if an incident occurs. Leverage these resources to implement Step 1: Preparation:
- *NEW for 2023* ALTA Cyber System Overview: Use this narrative to improve your understanding of a Cyber System Inventory, why it is important to Cybersecurity efforts, and how to create and maintain your company's inventory.
- *NEW for 2023* ALTA Cyber System Inventory Workbook: Use this model workbook to create and customize your company's inventory.
- *NEW for 2023* ALTA Business Impact Analysis: Use this guide to examine your software applications, determine which resources are critical to your operation, and discover when to add resources to minimize the business impact of downtime.
Employee Training and Awareness
- Monitor and Improve Employee Skills.
Consider a phishing security test for all of your employees. These companies can help: - Security Planner: https://securityplanner.org
- PhishMe: https://phishme.com/free
- KnowBe4: https://www.knowbe4.com/resources
- Webinars to Watch:
- Data Security Essentials: Strategies to Protect Non-public Personal Information (Download copy of presentation)
- Fortify Your Business: Lock Down Data and Protect Client Funds (Download copy of presentation)
- Safeguarding Escrow Trust Accounts
- Best Practices: Protecting Non-public Personal Information (Download copy of presentation)
- Fraud and Your Escrow/Trust Accounts (Download copy of presentation)
Resources for Your Clients and Consumers
- 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 Customer Protect Closing Funds
Information Security Articles
Recent 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Wire Fraud in Real Estate: Beware of Criminals Targeting Your Down Payment
A New Jersey couple lost nearly $92,000 to real estate wire fraud—and they’re not alone. "It's an epidemic now,” says Diane Tomb, CEO of the American Land Title Association, the national trade association for the title industry. “Four years ago, we heard about this kind of thing a couple times a month. Now it’s multiple times a day.”
The Docket: Eleventh Circuit Finds No Coverage for Fraudulent Wire Transfer Under Cybercrime Endorsement
Stephen Gregory, claims counsel for WFG National Title Insurance Co., reviews a recent decision by the U.S. Eleventh Circuit Court of Appeals that affirmed a title company did not have coverage for a fraudulent wire transfer under the cybercrime endorsement of its cybersecurity policy. Read on for the facts of the case.
Report: $1.4B in Suspected Wire Fraud Identified by CertifID in 2022
CertifID identified $1.4 billion in suspected wire fraud attempts during 2022, according to a report released by the wire fraud protection firm. The report shows an 145% year-over-year increase in instances of reported wire fraud.
Title Company’s Crime Policy Covers Fraudulent Wire Transfer
The United States Court of Appeals for the Fifth Circuit on Feb. 1 upheld a lower court ruling finding that a title company was wrongly denied coverage under its crime protection policy for a wire fraud involving a loan payoff. While this case is not slated for publication and can’t be serve as a precedent, it can prove instructive for title companies looking to make claims under a crime policy for a payoff fraud.
Stellar Loan Performance Continued in November
The U.S. mortgage delinquency rate continued to hold at near-record lows in November, with 2.9% of all mortgages in some stage of delinquency (30 days or more past due, including those in foreclosure), according to CoreLogic’s Loan Performance Insights Report. That’s a 0.7 percentage point decrease compared to 3.6% in November 2021.
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