Wire fraud in real estate is a fast-growing crime that is becoming more and more common every year. In 2017 alone, there was a reported $56 million in losses and 9,600 victims just from wire fraud in real estate deals. Here at Setco, we are dedicated to protecting our clients from wire fraud and any other cyber threats. We like to keep our clients aware of cyber crimes so that they can take the proper steps to protect themselves against these vicious crimes such as wire fraud.
How to Arm Yourself Against the Ever-Growing Issue of Wire Fraud
CyberCrime: Affecting Businesses and You
It is estimated that cybercrime will cost approximately $6 trillion per year on average through 2021. That’s a massive figure, one that is almost impossible for most people to imagine. But more concerning than the number itself is what it means for modern businesses. Everywhere, companies are upping their cybersecurity budgets in an attempt to lower the catastrophic costs of a potential data breach. The average cost of a breach tallies into the millions, but the dollars lost only account for the direct cost of a breach. That figure is quantifiable for businesses, but the true costs cut even deeper. When investigating the collateral effects of a cyberattack, the outlook for businesses in the aftermath becomes bleak. Dollars and cents aside, some businesses never fully recover from a data breach, and there can be some potentially disastrous consequences.
Technology and the Mortgage Process
Mortgage lenders have started to welcome and incorporate new technology in the process of applying for a loan. This is a refreshing change from the expected process of lengthy in-person meetings, compiling and transporting of all financial documents, and a slow approval process. New lenders are starting to enter the mortgage game around an automated platform.
Technology Advancement in the Mortgage Market
Delivering the Security You Need
There’s a new set of security standards for the real estate industry. At SETCO, we’re committed to keeping our customers ahead of the curve by providing industry leading document security for this new environment.
One Technology does not fit all
The other day, I received a call from a client who was looking at our website and some of the different technology tools we offered to our clients. Specifically, he asked if closing via “Paperless Closer” was a requirement or an option. He went on to say, that he and his wife were a mature couple and did not feel totally comfortable with the electronic signature aspect of the closing and could best explain his feeling by telling me a brief story about himself.