I just attended a cyber security webinar. The presenter spent a great deal of time discussing ways to prevent wire fraud. As most involved in real estate are aware, those looking to misdirect wire transfers are out Phishing (throwing their nets broadly hoping to catch something) and are out Whaling (targeting a particular entity – like a law firm, a Real Estate Brokerage or a Realtor). Let’s focus on those out Whaling…
Whalers focus on an entity and/or a transaction or transactions within that entity. They get “in” by attacking the weakest link in the communications. The weakest link frequently utilizes a free or generic email – we all know who these are so they will go unnamed…
We have, many years ago, created our own business URL. If you are writing to me or to my paralegals Leesa or Joanne on any other email than walshesq.com, please discontinue using these old addresses. They are not utilized for business. Our business emails are Jeff@walshesq.com , Leesa@walshesq.com , and Joanne@walshesq.com .
Similarly, if you are utilizing a free or generic email address – you may be the weakest link! The cyber security presenter at today’s webinar recommends (and I strongly advise) that every Real Estate brokerage firm have a company URL for all Realtors. As a Realtor, if your firm doesn’t provide same, you should set up your own! Further, the computer utilized for business should not be the computer used for personal browsing – one mis-click can affect your business, can allow the bad guys in.
Several months ago, hackers hacked another local attorney’s email (they had not set up a company URL; they were using a generic/free service… the weak link!). My paralegal received an email ostensibly from this other local law firm, changing their seller proceeds wiring instructions. Following our company policy of not accepting wiring instructions electronically (and other security measures), we called to confirm. We discovered the attempted fraud. Our wire to seller, by the way, was for over $230,000.00.
Law firms have, by and large, taken steps to mitigate the risks of cyber-fraud. Fraudsters are now looking for other ways in. I cannot reach out to every buyer and every seller to make sure that they are not the weak link. I can, however, reach out to other Real Estate professionals to point out the issues and to recommend appropriate action (of course, this is only a first step in providing security to your system and you should seek your IT professional’s detailed advice, and implement same).
Lastly, per the cyber-fraud presenter, young buyers and sellers (say everyone under 40 years old) are evaluating with whom they would like to work. Increasingly, among the criteria they utilize in such evaluation include whether Attorney/ Law Firm/Broker/Realtor are utilizing appropriate safeguards to their private information. Firms and individuals utilizing free/generic email addresses don’t make the cut; and they shouldn’t…
