NEW FRAUD ALERT
Cybercriminals Use a New Tactic to Garner Title Company Banking Information*
Title agencies are being targeted by a new email scheme as hackers continue to refine their attempts to divert settlement funds. A large California title and escrow company reported their staff received an email from their bank saying they had to verify their account information before funding the file. Specifically, that the buyer’s lender needed this information from the title agency’s bank. Had this fraud succeeded, they would have had the proverbial keys to the title agencies bank account.
Staff noticed several red flags in the email, such as different font size, bolded words and a bogus email account for the sender. Also, the bank asked for information that it already had, including the title agents bank account number, the name of the signatories to the account and the name on the account.
If you get any email requesting sensitive banking or other financial information, call your financial institution, never respond to the email requesting that information.
DON’T FORGET, the superior “Enhanced” Owner’s Title Policy provides post-policy protection against other types of cybercriminal schemes: cybercriminals who place a new mortgage against a buyer’s home after they close, or selling a house after they buy by using a forged deed.
*Citation: ALTA News, May 31, 2018