Recently, the Federal Bureau of Investigation (FBI) Internet Complaint Center (IC3) released its annual report on internet crime. In 2018 alone, a total of 351,936 complaints of internet crime were submitted. The claims stockpiled losses exceeding $2.7 billion.
Scams Still On The Rise
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
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
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.