10 Tips to Avoid Cybercrime Losses

October 5, 2019

Even if you don’t currently have the resources to bring in an outside expert to test your computer and make security recommendations, there are simple, economical steps you can take to reduce your risk of falling victim to a costly cyber attack.

1. Create a log of all approved parties’ phone numbers at the start of a transaction.
2. Avoid using free, web-based email accounts for business communications.
3. Prior to closing, execute an agreement with the seller/borrower indicating the method of funds transfer: check or wire.
4. Remember: transactions that result in a large cash payment to a refinance borrower or seller are highly susceptible to attack.
5. Question and confirm by phone with approved parties any deviation to the funding agreement (see 1); changes are not common and may indicate fraud.
6. Confirm wiring instructions by phone with approved parties (see 1) prior to sending.
7. Confirm receipt of wired funds by phone with the intended recipient (see 1).
8. Practice good cyber hygiene: keep antivirus software up-to-date, don’t click suspicious links, and use strong passwords.
9. Slow down and stay in control; a slow, confirmed closing is still acceptable.
10. If you suspect fraud, act immediately; contact your bank and appropriate authorities.