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Real Estate Transactions Face Threats From Internet Scammers

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Spyware, malware and ransomware threaten transactions

BOSTON – Nov. 6, 2018 – "Every few seconds, someone's identity is stolen because data is breached, computers are hacked, or credit cards are compromised," said Robert Siciliano, CEO of Safr.Me, at the National Association of Realtors® (NAR) recent convention. "As a result, businesses and reputations are experiencing security risks many are not prepared for. The system we function under, combined with the conveniences of technology, can be easily flawed by simple scams."

Siciliano said there are several red flags real estate professionals should keep in mind during a transaction, and steps agents they should take to ensure transactions are secure.

Mortgage and real estate fraud are some of the most profitable organized criminal acts.

"With buyers, sellers, mortgage brokers, banks, appraisers, housing inspectors and real estate agents in the mix, a combination of these parties working together on a transaction can result in hundreds of thousands of dollars lost to innocent parties," Siciliano said.

"NAR is currently in talks with the real estate industry and the federal government to deploy a ground-breaking industry approach to prevent real estate fraud," said NAR CEO Bob Goldberg during the session. "NAR is providing tools and resources for Realtors to ensure the data of their clients is protected."

Siciliano said that the most critical step in changing consumer behavior is to build a secure-minded culture from the ground up.

"To create this culture, Realtors need to be educated and tested on security threats, and how their day-to-day computer use behavior can affect their client's and organization's security posture," Siciliano said.

"The issue of data security is becoming more and more serious every day, added NAR President Elizabeth Mendenhall. "Realtors are helping clients identify potential cybersecurity threats during the real estate transaction as the relationship makes consumers susceptible to fraud schemes."

© 2018 Florida Realtors®                 

             

          

             

                

Information provided by Florida Realtors.  Click here to see the original article.

Reprinted with permission Florida Realtors. All rights reserved. 

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