Just the Tip of the Iceberg
If anyone still thinks cyber crime in Real Estate is something that has been blown way out of proportion and doesn’t pose any real risk…think again. It is happening every day. Within our offices alone we face several fraud attempts each week and we have invested substantial resources into prevention measures to protect ourselves and our clients from these potentially devastating attacks.
While hacking schemes are becoming increasingly creative and sophisticated, so are methods of identifying criminals and their networks. Law enforcement is involved at the federal level and this past Monday, June 11, 2018, a large-scale arrest was made involving nearly 75 individuals accused of participating in a wire transfer hijacking scheme. The following two articles discuss this case in depth.
- Realtor Mag: 74 Arrested After Wire Fraud Investigation
- Housing Wire: Feds arrest dozens in sweeping action against hackers targeting wire transfers
Protecting Yourself Against Wire Transfer Hijackers
It is encouraging to see a hacking scheme stopped dead in its tracks. Unfortunately, I am confident this is just the tip of the iceberg. Business owners and individuals cannot depend on law enforcement to clean up the web on their own. Similar to being asked to “see something, say something,” we must be diligent at protecting ourselves. Some simple methods to put into place both at home and at work include:
- Changing passwords frequently
- Verifying emails with phone calls
- Setting up firewalls
- Instituting a password protected portal for private information
For more information on wire fraud and how to protect yourself and your information:
- Cyber Fraud – Protect Your Information
- Wire Fraud Consumer Protection Tips
- Training Tips to Help Employees Spot Fraudulent Emails
If you have any questions, or would like to discuss this further, you can reach me at 732.747.3615 X115