Strategies to Combat Wire Fraud
Multilayered Approach to Security Helps Combat Attacks
BY JEREMY YOHE
In 2012, former FBI Director Robert Mueller opined, “There are only two types of companies: those that have been hacked and those that will be.” That statement rings true 13 years later. Today, wire fraud remains one of the most pressing threats facing title and escrow companies. Fraudsters are becoming increasingly sophisticated, leveraging business email compromise, seller impersonation and even deepfake technology to infiltrate transactions.
As the threats have escalated, the types of strategies criminals use to steal funds continue to evolve. This highlights the importance of continuous training, robust verification processes and industry collaboration to protect businesses and consumers from financial loss.
“We know that real estate transactions are prime targets for fraud due to their high-value nature,” said Jewel Quintyne, senior title operations consultant at Qualia. “The numbers are staggering—$145 million in adjusted losses from cybercrime in 2023 alone, according to the FBI.”
Click here to continue reading.
| 
