Interesting twist on a Wire Fraud situation… this time the seller’s money does not reach the intended location after the closing is complete due to a cyber breach at the real estate agency or title company. This is a little different than normal because most of the situations we’ve seen are where the buyers money is stolen leading up to closing. This time the closing went off without incident but the bad actors tricked the title company into wiring the proceeds of the sale to the wrong sellers bank account.
We share these stories with the hope that you can start to see a pattern… everyone is a target when it comes to phishing scams. Bad actors are actively working to deceive people into transfers their money to false accounts. They are even attacking youth soccer volunteer boards as shown below. Be vigilant and always verify.
When a cyber incident hits your real estate agency you need to move quickly to help reduce the damage caused by the bad actor. The 1st step is always to contact a Data Breach Coach for your cyber liability insurance policy. There are 2 ways to do this for active PBI Group cyber liability clients who have the Chubb/ACE policy.
#1) The 24/7 telephone number: 1 (844) 739-7754 which goes to a staffed call center of cyber reporting specialist.
#2) Chubb’s new Cyber Alert mobile application which gives you 1 button access to a cyber reporting specialist who calls you back immediately and captures your information about the incident and begins to marshal the resources to assist.
Both approaches get you to the same Data Beach coach team to provide guidance and help but from our experience, it is faster to use the Cyber Alert app for more immediate contact. Don’t wait if you think you have a cyber incident happening, make contact now.