Real Estate Agencies
Cybersecurity for Real Estate Professionals
Real estate is one of the most targeted industries for wire fraud. You handle large transactions, work with multiple parties, and rely heavily on email - a perfect combination for criminals. A single compromised closing can cost hundreds of thousands of dollars. Here's how to protect your transactions and clients.
Top Threats
- • Wire fraud targeting earnest money and closing funds
- • Business email compromise impersonating agents, attorneys, or title companies
- • Phishing attacks to gain access to email and MLS systems
- • Data breaches exposing client financial information
- • Ransomware locking transaction files before closings
How Attacks Happen
- • Fake wire instructions sent near closing time
- • Compromised email accounts monitoring transactions
- • Spoofed emails from title companies or attorneys
- • Phishing targeting MLS login credentials
- • Malicious links in fake listing notifications
Compliance Requirements
- • State real estate commission regulations
- • NAR Code of Ethics requirements
- • State breach notification laws
- • RESPA requirements (where applicable)
- • Title insurance company security requirements
Is your business exposed?
Security Checklist
- 1.
NEVER send wire instructions by email - use secure portals
- 2.
Educate buyers to ALWAYS call to verify wire instructions
- 3.
Enable MFA on email, MLS, and all transaction management systems
- 4.
Use a secure transaction management platform
Dotloop or SkySlope
- 5.
Establish code words with title companies for wire verification
- 6.
Warn clients about wire fraud in writing at transaction start
- 7.
Train all agents on wire fraud and BEC recognition
- 8.
Get cyber insurance that covers wire fraud
Related Industries
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