When it Comes to Wire Fraud, Are We Asking Enough Questions?

Check out our latest post on ALTA’s TItleNews Online Archive by Jason Doshi, CEO & Co-Founder of paymints.io.

The title industry more widely understands that wire fraud is a very real, and very dangerous, threat. It’s a concern for almost any title agency, too. In ALTA’s own 2021 Wire Fraud and Cyber Crime Survey, “title insurance professionals reported cyber criminals attempted to trick employees to wire funds to a fraudulent account in a third of all real estate and mortgage transactions.” While the current, preferred methods of thwarting fraud, better authentication tools and increased employee vigilance, are helping, there’s an elephant in the room that’s being ignored. While the technique of wiring funds has long been preferred for its speed and timing, it also has vulnerabilities that, once exploited, are difficult to recover from…

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