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Wire Fraud is on the Rise

Scammers will do whatever it takes to get their hands on your hard earned money. For a scammer to trick individuals, they must first gain trust. However, why make you believe what they are selling when they can act like someone you know? Recently they have been doing just that, using emails disguised as coming from someone you are doing business with, and then following up with a text message from the same area code or close to yours, claiming to be the same individual. These numbers close to yours might make you want to answer the call or text, but you should always be confident of their identity before giving away any valuable information or making important decisions.

Property Management & Cybersecurity

The thought of computer hackers being abundantly present is an often overlooked and frightening realization. Hackers have gotten so skilled at their craft that there are very few protections that they can not breach. It is crucial for real estate businesses to be aware of the possible detriment to the agency if there is a potential breach in security of its clients. Cybercriminals have been taking advantage that there is currently no federal law for real estate businesses to possess security measures to protect client information. As high as 50 percent of real estate companies admitted to not being adequately prepared for cybercrime according to KPMG research. In a society where cybercrime costs roughly 6 trillion a year according to Forbes, being unprotected in a mostly digital business world can be a terrifying thought.

Cost and lack of understanding are two main problems that prevent an effective Cybersecurity system in the real estate business. Even a basic security package can be financially taxing for many companies. Further maintenance to keep this system effective and frequent updates can increase the costs exponentially. Rarely are property management professionals also IT experts, and this can lead to a lack of knowledge about what actually must be done to protect valuable digital information. Chief Technology Officer at Abacode, Jeremy Rasmussen, provided a five-point plan for establishing the basis of a cybersecurity strategy. This plan is as follows :

1. Inventory all systems to understand what data is possessed, what type of data and where it is stored.

2. Assess systems externally and internally. Verify proper security controls versus a Cybersecurity framework.

3. Address gaps through policies, procedures, processes, people and layer security controls.

4. Monitor the situation continuously and respond to incidents in real time to contain threats.

5. Empower employees to be the first and last line of defense.

Vigilance is the keyword in the prevention of cyber loss. Property managers can significantly benefit from everyone on their team being involved in the challenging task of proper Cybersecurity.

Top Florida Real Estate Stories of 2018

SETCO stays on top of real estate stories and wants our clients to stay in the know as well. Florida Realtors website chose to cover some of the top stories of 2018. Being about anything from Hurricane Michael to cuts in business rent tax, these stories are ones to read.

How to Arm Yourself Against the Ever-Growing Issue of Wire Fraud

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.

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

Technology is catching up to the tremendous amount of data we already use on a daily basis.  The mortgage industry has not typically been on the forefront of the latest in technological improvements but thankfully this attitude is changing for the better.

Cyber-attacks on Free Email Services

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.

6 Quick tips to prevent getting caught in a scam

6 Quick scam tips to look out for: