Information Security

Recognizing the gravity of the threat of cyberattacks, the title insurance industry has taken decisive steps to combat wire fraud, protect consumers and ensure the integrity of real estate transactions. ALTA CEO Diane Tomb shares the array of tools title companies utilize—in conjunction with consumer education and staff training—to combat wire fraud.

In 2012, former FBI Director Robert Mueller opined, “There are only two types of companies: those that have been hacked and those that will be.” That statement rings true 13 years later. Today, wire fraud remains one of the most pressing threats facing title and escrow companies. Fraudsters are becoming increasingly sophisticated, leveraging business email compromise, seller impersonation and even deepfake technology to infiltrate transactions. As the threats have escalated, the types of strategies criminals use to steal funds continue to evolve. This highlights the importance of continuous training, robust verification processes and industry collaboration to protect businesses and consumers from financial loss.

Fraud and ransomware were the top schemes that resulted in record losses of $16.6 billion in 2024, according to the FBI’s 2024 Internet Crime Report. The report also provides losses due to business email compromise, real estate fraud and identity theft. Read on for details.

The purpose of a cybersecurity plan is threefold: to ensure the security and privacy of sensitive customer data, to meet the strict regulatory requirements that exist to protect customers from fraud and ensure fair transactions, and to build and maintain client trust through appropriate risk management protocols. Read on for key steps to consider when establishing a strong cybersecurity program.

Hackers are getting creative to spread danger attacks. Their latest trick involves using Microsoft SharePoint. By disguising their phishing scams as legitimate SharePoint documents, criminals can sneak past security measures and put both individuals and companies at risk. Genady Vishnevetsky, chief info security officer for Stewart Title Guaranty Co. and chair of ALTA's Information Security Work Group, details how the attack is carried out, and provides tips to help thwart these attacks. 

Housing is a major driver of the U.S. economy. The industry sector contributes an estimated 18% of the national gross domestic product, or GDP, and the value of U.S. homes represents more than $50 trillion in household wealth in the form of home equity. Unfortunately, criminals have become adept at using technology to take advantage of unsuspecting consumers, writes ALTA CEO Diane Tomb and CertifID Executive Chairman Thomas Cronkright II.

Cybercriminals are continually adapting their tactics to overcome security measures and steal sensitive information. Recently, one of the emerging methods involves the misuse of OAuth, a popular authorization framework that enables users to grant third-party applications limited access to their accounts without having to share their passwords. Genady Vishnevetsky, chief info security officer for Stewart Title Guaranty Co. and chair of ALTA's Information Security Work Group, shares some strategies to protect your company from these attacks. 

Phishing is one of the oldest tricks in the hacker playbook—but also one of the most effective. And it’s not just big businesses being targeted—individuals and small title agencies are vulnerable. The good news? You don’t need to be a cybersecurity expert to protect yourself. You just need to know what to look for and how to respond.

Overconfidence in your ability to detect scams and phishing can lead to disastrous consequences. A recent report by Mimecast revealed that a staggering 95% of data breaches in 2024 involved human error. Bruce Phillips, chief information security officer for WFG National Title Insurance Co. and a member of ALTA's Information Security Work Group, explains why enhanced cybersecurity education beyond generic training is crucial.

ALTA’s member-exclusive report titled Artificial Intelligence Insights for the Title & Settlement Services Industry provides a brief history of artificial intelligence (AI), various member perspectives on the technology, and guidance for evaluating AI policies, resources, and applications to ensure safe and effective implementation.