More on Tech Security…

We know we all must be vigilant when it comes to our online data security, and even more so when it comes to wire transfers during a mortgage closing. As this continues to be an issue, we are sharing recommendations from MAR to ensure the secure transfer of funds at closing. Please pass along to your clients.

  • Never wire funds without independently verifying all information;
  • Verify contact information shared within an email is legitimate – do not call the phone number contained within the email;
  • Only send personal information (SSN, account numbers, etc.) through a securely encrypted email or personal delivery to the intended recipient;
  • Be cautious of any links contained in emails, and
  • Use strong passwords and secure WIFI.

Scammers are incredibly clever, making detection of fraud increasingly difficult. Wire fraud often occurs through an email hack where the email used is extremely close to the email address they are impersonating, sometimes only changing one letter or number, or switching the sender from Gmail to Yahoo. Scammers may even include details to increase the credibility of their email, such as a company logo.

Office policies regarding wire fraud can significantly mitigate the risk of falling prey to a wire fraud scheme. Develop company policies that require agents to use the MAR Wire Fraud Advisory (Form 519) in their client onboarding process and to only use secure email servers for client communications.

If clients believe they have received suspicious wiring instructions, they should immediately contact the bank, the escrow agent, and law enforcement. Are you interested for knowing about mortgage loan process USA, contact to our loan officer!


Source by: https://www.fairway-newengland.com/more-on-tech-security/

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