Recommend that everyone including vendors obtains a solid amount of CYBER LIABILITY INSURANCE (e.g., BIC, brokerage, associated licensees, independent contractors, closing attorneys).
Educate everyone including clients/customers/vendors to be on guard against wire fraud and phishing.
Have everyone sign the SCR610 Wire Fraud Form.
https://screaltors.org/wp-content/uploads/Forms/610.pdf
Educate everyone including clients/customers/vendors to be especially on high alert to wire fraud and phishing when the calendar gets to about 7-10 days before closing.
Recommend and educate that everyone has wire fraud and phishing policies.
Recommend and educate that everyone uses good tech defenses (e.g., software, physical control of devices, electronic access of devices, defensive software).
NEVER CLICK ON ANY LINKS. Links can be camouflaged and contain malware such as keystroke reading reporters.
Instead…
Re-type links.
Never talk business after taking phone calls from a caller stating they work at your vendor without calling back asap (e.g. someone saying they work for the lender or lawyer).
If you get a call, promise to call back.
Then asap call the "lender or lawyer or paralegal" back on a known good phone number that you have already verified.
Never call back using a number merely based on the incoming call number because phone numbers can be spoofed.
Crooks overseas can spoof an 803 or 843 or 864 area code.
Know your vendors. Recognize voices.
Know the staff. Recognize voices.
Invent and use your own secret passcodes to verify who the caller is.
REALTOR® and client/customer has their own secret passcode.
Lawyer office and client have their own secret passcode.
Ask for the passcode to verify who you are talking to.
Always look for email addresses that are slightly altered from normal/expected.
Look for web addresses that are slightly altered from normal/expected.
Look for grammar/phrasing/jargon issues, but crooks are getting good at grammar/phrasing/jargon.
ASAP report any issues to the bank, the lawyer, your BIC, your client/customer, and law enforcement including FBI/DOJ.
Watch this SCR video on wire fraud.
https://www.youtube.com/watch?v=2nQLCom9U8c
Watch these NAR videos on wire fraud.
https://www.youtube.com/watch?v=amPQEO1n1rM
https://screaltors.org/wire-fraud-video-from-nar/
Posted by: Byron King on 5/05/21 (This information is only accurate as of 5/05/21. You must contact SCR for updates and changes to this information after 5/05/21 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)