Deadline Today to Register for Wire Fraud Webinar

July 27, 2017

Hardly a day goes by without news of a new cyber attack. In fact, the number of wire fraud scams reported by title companies to the Internet Crime Complaint Center spiked 480 percent in 2016, according to the FBI.

Here are five recent wire fraud schemes involving title and settlement companies:

  1. Maryland, August 2017: The FBI says fraudsters used fake emails to fool a settlement company into wiring them the proceeds of the sale of a couple’s home. Amount lost: $411,548
  2. New York, June 2017: A judge trying to sell her apartment received an email she thought was from her real estate lawyer telling her to wire money to an account. Amount lost: $1 million.
  3. Washington, D.C., May 2017: The homebuyers sued the title company for the lost money, but also close to $5 million for an alleged violation of the RICO Act. The title company, which denies it had anything to do with the money going missing, said that it immediately contacted the FBI when the attack was discovered. Amount lost: $1.57 million.
  4. Colorado, March 2017: A couple, who lost their life savings while trying to buy their dream retirement home, has filed suit alleging that none of the companies involved in the transaction—including a title company—did enough to protect sensitive financial information. Amount lost: $272,000
  5. Minneapolis, September 2016: A retired couple hoping to buy a townhouse to be closer to their grandchildren received an email that looked like it came from the title company with instructions to wire money before the closing. They did. The email was fake. Amount lost: $205,000.

With all of these threats, do you know your liability if your company gets hacked and consumer funds are stolen? Register for this compliance webinar to learn how to reduce risk and protect your company.

Attend this webinar to:

  • find out how phishing/wire fraud happens
  • see the latest examples of fraudulent email schemes
  • get tips on how to develop a response plan if hacked
  • learn about federal/state requirements

Speakers:

  • Amelia Bower | Managing Partner | Plunkett Cooney
  • Samuel Halkias NTP | Vice President | Old Republic National Title Insurance Co.

When:

Aug. 23, 1:00-2:00 p.m. ET

Cost:

Members: $100; Non-Members: $250

REGISTER TODAY

Deadline to register is Aug. 22. CE/CLE is not available. 


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.