As part of the regulation and oversight of the mortgage industry, all employees of Fairway are required to complete cyber-security, fraud and fair lending trainings annually. As we take these trainings, we share some helpful reminders for all of us in the real estate industry.
Wire Fraud – Hackers regularly attempt to divert funds wired at closing, and we now ask borrowers to verify verbally with their title/closing attorney the account information. More information here.
Identity Theft – If you handle documents that contain PII (Personal Identifiable Information) such as social security numbers, addresses, DOB, tax info etc. you want to have protocols in place to secure them physically (locked desk drawers and/or offices, shredders) and electronically (secure email and/or software).
Internet Security – It is still best practice to have long, (think “passphrase”) non-obvious passwords that are changed frequently. Better yet, a secure password manager may be the best option. You should make it a practice to log off of all devices and sites once done, and to use dual authentication to login whenever possible. If you have a large client database you should have Data Breach or Cyber Security Insurance, and make sure you back up everything on a hard drive.
Finally, visit here for a comprehensive list of scams to be aware of!
Most importantly, make sure those in your personal and professional network share your commitment to IT security. It can save you money, time and heartache.
When your clients get pre-approved with Fairway, they can have peace of mind that their documents and PII will be handled securely and professionally.