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At 5 p.m. on Friday, a three-day holiday weekend will begin. Regardless of your plans for Labor Day, stay on your toes this week – especially later in the week. Fraudsters are preparing to take advantage of this pressure-filled time and thrive on the extra distractions that inevitably affect you, your staff, and your clients while everyone deals with increased pressure to meet deadlines. You are familiar with distracted driving: Do not fall victim to distracted closing.
Fraudsters know that everyone is under pressure and that even the best-trained and most-qualified people are prone to make mistakes or cut corners when they are pressed for time.
This alert is not intended scare you – okay maybe a little – but it is a sincere reminder that everyone has a lot going on this week without also trying to recover a wire sent to a fraudster.
To escape this week unscathed, everyone should remind themselves and their staff:
1) Stay focused.
2) Stay alert.
3) Follow your procedures – no exceptions.
4) Be on the lookout for seller-imposter fraud:
S.I.M.P.L.E. - Seller Identity Must Precede Literally Everything
5) Be on the lookout for wire fraud: W.I.R.E. – What I Require Every Time
a. Proper identification.
b. Verbal confirmation (or digital confirmation like Closinglock).
c. Delivery verification.
6) Review your cyber-response plan and have it handy: F.A.S.T. – Fast Action Stops Theft
7) Remember that you control the transaction.
Fraud can happen anytime. This week, the fraud activity will be in full gear. Be prepared, be alert, and be focused.
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