A 480% increase. That’s a pretty substantial amount of growth. Such a number would make the most dour owner or CEO happy—that is, if it were referring to revenue or profit growth. But when we reference 480% growth here, we’re referring to the explosive increase in wire fraud attacks on title companies. The story was reported on the ALTA.com website (membership required to read), referring to “the number of wire fraud scams reported by title companies to the Internet Crime Complaint Center (IC3)…in 2016, according to a warning issued to businesses by the FBI.”
It really seems that cybercriminals are working overtime to stay a step ahead of the game when it comes to private data and escrow funds. Counter-cybercrime is its own industry today, and the battle to stay ahead is grimly real. It’s almost a perverse game of whack-a-mole. Each time we counter a successful cyber-criminal scheme, two new ones emerge.
We have no doubt that many good people are working on thwarting this latest wave of cybertheft (and, hopefully, the next as well). In fact, it’s entirely possible that the next Steve Jobs or Henry Ford already exists in this arena. We may just not know about him or her…yet. In either event, there’s a huge opportunity for leadership here.
Commonwealth USA has taken prevention measures into their own hands by partnering with CertifID.
We hope that this next wave of technology (or whatever countermeasures will prove effective) will encourage title companies to get involved to combat fraud and stay two steps ahead of the bad guys.
It may take a true leader to make that happen.