If Wire Fraud is on the Rise, Is it Safer to Use Checks?

Before you think that the way around wire fraud is to only use checks, consider this cautionary tale posted by Mike Kennedy on his recent blog.


Two take-aways: (a) reconcile, reconcile, reconcile; (b) checks are very dangerous. This is NOT the first instance of check forgery we have heard about in VT.

The process of transferring money by wiring or check, and the risks attendant thereto, may never go away but consider a 2022 resolution of finding ways to reduce your exposure to wire or check fraud. One simply way is to e-Submit payment for title insurance (after e-Remitting the policy) in a secure ACH environment. No wire, no check – trying to stay ahead of the fraudsters using the most modern technology.

For more info about eliminating risk (and costs) checks (and paper, and postage, and hassle) contact Katie Caron. 
CATIC/VATC Introduce Legislation, H512:

In order to create a statewide land records office that would oversee and manage the municipal land records system and bring Vermont into the 21st Century and beyond, CATIC introduced a bill supported by the Vermont Bankers Association, the Vermont Bar Association and others.

Among other things, the office would enact Rules to create (and enforce) uniform indexing and recording standards. The office would also provide support and training opportunities for clerks and municipal officials.

Click here to read the proposed Bill.
Do You Have an Underwriting Question?

To send underwriting questions to Andy Mikell and Liz Smith simultaneously send an email to [email protected].
CATIC Foundation Contributes $8,000.00 to VBA Incubator Program:

As another example of how CATIC is different from the national underwriters, the CATIC Foundation recently approved a contribution to the Vermont Bar Association Lawyer Incubator Program. CATIC Foundation has made many contributions to this program over the years.

Click here for a description of what the Incubator Program is and how it is helping Vermonters and Vermont attorneys.

Thank you CATIC!
Keys to the Kingdom: Cybercriminals Bypassing Multifactor Authentication:
 
Multifactor authentication (MFA) is an authentication method used to verify one’s identity through two or more technological factors. In other words, MFA uses something a user knows (username/password), has (possession-based), and is (biometric). Similar to all of the behemoth technology companies of the world that promote MFA to their own users as another layer of defense, CATIC IT Security, too, is a strong advocate of this technique. When you utilize MFA to log in to your email accounts, or sign into your social media profiles, etc., you are doing your part in not only protecting your data from unauthorized hands, but you are also making the cybercriminals’ jobs more arduous in their attempts to obtain your information. The rationale behind frustrating the cybercriminals is the hope that they move on to other potential victims who do not have any type of MFA enabled to secure their accounts.
 
Unfortunately, while we all hail MFA as an obliging player in the cyber arena to deter attacks, cybercriminals are swiftly gaining traction in using various measures to bypass MFA.
 
Click here to read this informative article.
Lau's Corner & Title Tips:

Attention PrepExpress® Users:

You can now change your file type from CD to HUD/HUD to CD when copying a file. From the Action button on the file grid, choose "Create New File From This File." File Type has been added - you can choose Closing Disclosure or HUD - whichever option you choose, the data entered in general information of the file being copied will carry to the new file. Financial information contained in the original file will not transfer (you may get a tax adjustment or conveyance tax calculation if that information was already entered in the file being copied).

Cities/Towns Retaining Glebe Lands:

To our knowledge, the following Cities/Towns have expressly voted to retain their interests in municipal lease land before 1/1/2020: Burlington; Chester; Concord; Huntington; Leicester; Panton; Starksboro; Stockbridge; Victory; Waterbury; and Westmore. There are likely others so don't assume anything!

If you hear of any others, please email [email protected]. Thank you.