Champion, Steve Sallen led off the recent Detroit Real Professionals Mastermind Meeting with information regarding cyber fraud, relaying stories and informing the group of spoofing emails and hackers infiltrating networks of real estate professionals. By focusing on keywords in emails like “closing” and “transfer,” hackers are seeking emails in order to intercept and reroute money. There has been a 500% increase in wire transfer fraud in the last year and title companies are a favorite target.
Phil Seaver shared that the problem has become so rampant that his office, ATA National Title Group, has put together a team just to handle the fraud. They experience 2 to 4 occurrences a month, and his team currently has 21 open cases. Telephone verification and secret passwords as well as other roadblocks were discussed to detour the fraud.
Guest, Harry Colburn will be sharing checklist for risk management with Steve Sallen who will distribute it to members interested in preventing hacking and fraud.