Cyber Security and Real Estate Closings - 3 Ways to Protect Yourself
When it comes time to close on the purchase of your dream home, it is easy to be more distracted than usual as everyone is excited about and emotionally invested in the transaction. Furthermore, when you work with a trusted real estate professional at the Lake of the Ozarks you rely on their expertise and tend to trust any communication that comes from them. In fact, you look forward to communications from them because it usually means things are moving forward. But what if the communication you think is coming from your realtor or title company at the Lake of the Ozarks is actually coming from a cyber-criminal?
Unfortunately, it is happening more often as demand increases for digital and paperless real estate closings. At Arrowhead Title, we consider the expense of cyber-security IT a cost of doing business, and we take it very seriously. We also believe in educating our clients so they know what to look for and what to do (or sometimes more importantly what NOT to do) to protect their identity and their money while closing on a house at the Lake of the Ozarks. If you are interested in cyber security and would like to be more aware of what to look for, keep reading this blog!
Guard Your Personal Information
During the entire closing process, you will become very used to sharing personal information, answering questions, signing documents, responding to emails, etc. It is important to never take it lightly when doing so. You don’t want to accidentally share personal information with a third party because you thought it was connected to your realtor or title company. A simple call to check before clicking or responding is well worth it!
Watch for Phishing
Phishing schemes can be used to intercept and redirect your money transfer so that it goes to the cyber-criminal instead of the seller. First, the criminal hacks the email account of a legitimate party to the transaction such as the buyer, seller, or real estate professional. Then the criminal will create a phishing email asking for a wire transfer and make it appear that it is a legitimate party who is sending the email. Or the criminal will cause the money to go into a different account while making it appear it is going to the correct account. But once the money is gone, it is usually unrecoverable. Unfortunately, that means a devastating loss to the person wiring the funds.
Choose a Title Company You Can Trust!
At Arrowhead Title, we have seen a lot of advances in the industry since we started in 1984. The advance of e-closings, online notarizations, and paperless closings have made it so much quicker and easier to bring everyone to the virtual closing table. We recognize the convenience for our clients and know it creates a better closing experience.
That is why we embrace technology AND the responsibilities that come with it. We are serious about investing in our IT and employee education and are constantly striving to stay at the forefront of technology and one (or ten) steps ahead of cyber-criminals. We know you want to be informed so you can do everything in your power, too. We hope you enjoyed this blog. For more information and helpful hints about real estate title services at the Lake of the Ozarks, follow us on social media. The links are below!
750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049