7 Simple Ways to Prevent Cyber Fraud

Advice from the FBI on Cyber Fraud, New ALTA Commitment Form FAQs, and Title Now. Cyber fraud continues to be an issue in our industry.

Dear Members,

Cyber fraud continues to be an issue that needs your constant vigilance. The Fund is always on the look-out for resources to help you combat this threat and how to deal with an incident once it occurs. The FBI recently issued a PSA on this topic and emphasized the following prevention strategies:

1. Stay Informed - If you have an increased awareness and understanding of how the scams present themselves, you are more likely to recognize when you have been targeted. So STAY INFORMED. Read the PSA issued by the FBI and other resources that are made available to you on this topic.
2. Internal Prevention - Strong internal prevention techniques, especially with front-line employees, have been very successful in deflecting attempts to infiltrate your closing and divert monies.
3. Use Secured Email Service - Avoid free web-based email addresses. Establish a company domain name and use it.
4. Register Similar Domains - Register company domain names that are very similar to yours to prevent a criminal from doing so. This is a new one to me and sounds like a really good idea!
5. Use a Landline - Consider being old fashioned and use a landline telephone to communicate with realtors, buyers and sellers.
6. Use the Forward Button - Instead of responding to an email by using the “Reply” button, use the “Forward” button, which will require you to type in the correct email address for the recipient. This may avoid an accidental reply to a fraudster using a similar (but false) email address.
7. Verify Funds Transfers - Confirm, confirm and re-confirm requests for funds transfers. Carefully scrutinize all e-mail requests for funds transfers. Use phone verification but make sure you use previously known numbers and not numbers provided in an email request.

New Commitment Form

I hope all of you have become familiar with the new commitment form. As we have worked through the implementation and use of the form, we have developed some FAQs that I think you will find very helpful. Here are 3 questions that might be on your mind:

• Why is there a new commitment format?
• When will the new 2016 ALTA Commitment (CF6R) be required?
• Can I import a CF6R into DoubleTime?

The answers to these questions and more can be found on the ALTA Commitment Form FAQs page.

If you have not had time to really get into it, then I encourage you to listen to the Town Hall on this topic. It’s free. It’s only an hour. It’s trending better than cat videos and fidget spinners!

Title Now

If you haven’t done so, please subscribe to our new podcast, Title Now. It's easy to do through iTunes. Give it a listen and let me know what you think! Let me know how we can help you.

Best Regards,
Melissa Jay Murphy
Senior Vice President and General Counsel