Cybersecurity, Wire Fraud, & Scams

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Fraud Alert – Seller Carry Back Loans

Be aware of this pattern, typically with residential homes priced from $2 million to $3 million. Here’s how the scam works . . . There’s a request from the buyer for the seller to carry back a loan on a residential property. The deal seems straightforward: Full price cash offer Quick close However, there areRead More

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The Latest in Real Estate Phishing Scams and How to Avoid Them

Phishing is growing in popularity among scammers wanting to earn a quick buck at the expense of unsuspecting real estate brokers and agents. Some schemes are so sophisticated that even the most discerning of professionals can inadvertently get scammed.  As a busy real estate professional, you need to keep informed about the latest phishing scams,Read More

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“Business Email Compromise” Attacks – What they are and how you can avoid them

Business Email Compromise (BEC) attacks are on the rise around the world, and every industry is affected. The FBI’s Internet Crime Complaint Centre (IC3) estimates that more than $26 billion has been lost from BEC fraud over the past three years. But, increasingly, the real estate industry is becoming a high-value target. BEC attacks involvingRead More

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Remote Access for Your Real Estate Team — Security Issues and Tips

Your team members need to be mobile, so they can do their jobs effectively. This means remote access to your company’s server, client files and emails. But what happens if an agent’s device falls into the wrong hands? Or what if you’re hacked?  As a real estate broker, you need to be aware of theRead More

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Data Security in Real Estate: How to Minimize the Risk of Losing Important Data

Data security is increasingly important in your role as a real estate agent, because you collect data from your clients every day  Further, it’s important data, which in the wrong hands, could be detrimental to both you and your clients. Data security breaches could result in identity theft or fraud, and have long-term consequences forRead More

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Real Estate Agents and Identity Fraud – When Someone Impersonates You or Your Business

When you’re a real estate agent, it’s natural to have your name, face and contact details widely publicized to attract business. However, having your details available in the public domain can leave you vulnerable to identity fraud. Identity fraud (or identity theft) occurs when someone assumes your identity using your personal details with the purposeRead More

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Real Estate Cybersecurity Risks and How to Recover

Cyber and wire transfer fraud are not normally covered on an E&O policy. But we can get you covered! Click here for an application. From a presentation by Rachel Ryckman, White and Steele There is so much exchange of data between our mobile devices and our computers, on the Internet and in the cloud. TheRead More

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Be Alert and Prepared for Real Estate Broker Identity Theft

Our E&O client recently contacted CRES Risk Management to report that somebody was using her name, license number and professional background on a fake website. The website was designed to lure unsuspecting real estate consumers into a scam involving timeshares. She wanted to know what she could do to protect herself. Be Aware of EmergingRead More

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Scam Alert: The Latest Schemes Agents May Not Know About

In real estate, we’re still seeing numerous cases of wire fraud – and now we’re seeing some new types of fraud.  In the past six months, we’ve seen some new scams affecting hundreds of homebuyers. These scams may involve fraudulent listings, fraudulent escrow companies, and fraudulent listing agents. Under these scams, the perpetrators have goneRead More

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Document Management Tips to Avoid Costly Real Estate Lawsuits

Failure to keep a client’s information secure is one of the top claims made against real estate agents today. The average direct cost for a data breach is $3,000,000 with an additional $1,300,000 average in cost of lost business after the fact. And this is NOT just an issue for real estate brokers to beRead More

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