Information Security

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

understand the legal and regulatory requirements for your operation. Jump to Federal and State requirements.
be aware of the latest threats and schemes. Jump to the latest news about information security and wire transfer fraud.
protect your information technology systems. Jump to resources.
prepare your people to be aware and vigilant. Jump to employee awareness, recorded webinars, or the ALTA Outgoing Wire Preparation Checklist.
respond rapidly in case of an incident. Jump to the Rapid Response Plan for Wire Fraud Incidents.

Tools You Can Use

Get The Facts

FBI Public Service Announcement (I-050417-PSA). 10-minute read. The PSA, dated May 2017, describes Business Email Compromise (BEC) and Email Account Compromise (EAC) schemes and how they lead to wire fraud.

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 Rapid Response Plan for Wire Fraud Incidents
Rapid Response Worksheet - available in Excel Format or PDF

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:

Monitor and Improve Employee Skills and Awareness.
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:

ALTA Meetings Focus on Information Security:

ALTA Innovation Boot Camps for 2019 in Raleigh (April) and Chicago (August). Sessions cover cyber fraud, cyber insurance, data privacy laws and regulations, effective training for staff, Realtors, and consumers. Also - meet vendors with solutions!

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.