The title and real estate industry has aggressively educated professionals about the threat of wire fraud, but cybercriminals continue to target real estate transactions. While the success rate of fraud attempts is shrinking on the title side, stories of homebuyers losing huge down payments to wire fraud continue to make headlines. Amanda Farrell talks with Tom Cronkright of Sun Title and CertifID about cybersecurity, wire fraud, and the role of the title agent in protecting the real estate transaction. Listen to the interview to learn more about educating consumers, technology and training to enable your team, and why title companies should consider adding cyber liability to their E&O policies.
"If there's a wire fraud that takes place with a buyer, we're all getting sued. That is not a discussion point, that is just truth." Tom Cronkright of CertifID
Key topics in this episode:
Why real estate? (4:00)
Who is most at risk of being compromised? (9:20)
Email Security Tips (12:04)
Internal Training to spot fraud attempts (17:10)
How title agents can be a part of the conversation (25:49)
Staying one step ahead of cybercriminals (32:20)
Recovering Funds (37:28)
Expanding E&O policies to cover cyber liability (42:50)
How CertifID works to protect transactions (46:44)
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Guest: Thomas Cronkright of CertifID and Sun Title
Host: Amanda Farrell of PropLogix
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