As fraud tactics evolve, so must the way the industry protects consumers and transactions. That’s why °µÍřłÔąĎ has launched Verify, Then Trust—a new initiative designed to raise awareness and reinforce best practices that help stop fraud before it becomes a claim. Agents are urged to Verify, Then Trust on every file, every party, every time.

The Rise of Deepfake Fraud in Real Estate

Deepfake fraud has been making headlines in unexpected ways, and real estate is one of the latest industries to be hit. In the past two years, fraudsters have leveraged AI-powered deepfake technology to pose as property owners, financial executives, and even notary publics. Even experienced agents working with what they think are repeat or loyal customers have suffered devastating losses.

Take, for example, a case from 2023 where a scammer used a deepfake voice to impersonate a real estate attorney in communications with a client. The unsuspecting buyer believed he was speaking with his legitimate attorney and wired a six-figure down payment—straight into the scammer’s account.

Another shocking case involved a fraudster using a deepfake video to pose as a property owner looking to sell a luxury home. The scammer managed to fool not only the buyer, but also the title company, leading to the fraudulent sale of a multimillion-dollar estate.

Of course, there was also the fraudulent attempt to force a foreclosure sale of Graceland, Elvis Presley’s home, which made headlines in 2024. These fraudsters are bold and believe that increasingly large and high-profile targets can yield even bigger payouts.

How to Combat Deepfake Fraud in Real Estate

With deepfake technology becoming more advanced, spotting fraud with the naked eye is harder than ever. But that doesn’t mean we’re powerless. Here are some strategies to avoid falling victim:

Double-Verify Identities
Don’t rely solely on phone calls, video calls, or emails. Always confirm identities through multiple channels—such as in-person meetings, official documentation, letters via “snail mail,” and voice confirmation through previously established phone numbers. This is even more critical in vacant land transactions or refinances involving free and clear properties.

Use Multi-Factor Authentication (MFA)
When transferring funds or signing critical documents, consider requiring multi-factor authentication (MFA). This adds an extra layer of security beyond visual or voice verification alone. It’s always important to treat funds with great care—as if the money were your own—and take appropriate steps to protect them. If funds go missing, customers may seek reimbursement from the agent’s personal account.

Scrutinize Video Calls and Emails
If something feels off—like unnatural blinking, delayed audio sync, or robotic speech patterns—be skeptical. Deepfake videos often have subtle imperfections that can give them away. Ask probing questions a deepfake would not be able to answer accurately. You may even want to establish a special passphrase with customers, provided to them only through a secure portal.

Conduct Due Diligence
If a new client or seller suddenly appears with urgent demands, do your due diligence. Check property records, verify business affiliations, and ensure everything aligns with known facts. As they saying goes: If it appears too good to be true, it probably is. Scammers also like to amp-up the pressure, so do not let a hurried closing or pushy customer cause you to shortcut your verification processes.

Leverage Fraud Detection Tools
Just as AI is being used to create deepfakes, it’s also being used to detect them. Some AI-driven tools analyze facial movements, voice anomalies, and inconsistencies in digital assets to help identify fraudulent activity. In the real estate space, tools such as CertifID add another layer of confidence to the process. °µÍřłÔąĎ agents can now use CertifID with discounted pricing to protect deals by verifying identities, managing and ordering payoffs, and securing wire instructions. Verify, then Trust — every file, every party, every time.

The Bottom Line

Deepfake technology is no longer a futuristic concern—it’s here, and it’s changing the way fraudsters operate. By staying vigilant and implementing multi-layered verification methods, you can ensure that your next property transaction doesn’t turn into a deepfake disaster. Remember: Verify, Then Trust — every file, every party, every time.

See °µÍřłÔąĎ’s recent , which was inspired by a real-life attempt to commit wire fraud using deepfake technology.

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In my last blog article, I discussed how deepfake fraud is a growing threat in the real estate industry and what you can do to combat it in your workplace. This time, I thought it would be helpful to take a deeper dive into some of the latest AI tools on the market that may be able to assist in these efforts. Of course, careful consideration is warranted before implementing any new solution, and it’s important to consult with your IT and security team to ensure it aligns with your business needs and data security standards. With that said, let’s dig in!

What is deepfake fraud?

Deepfake fraud has exploded in recent years, with some reporting showing an increase of over 2,000%. Scammers are using AI-generated videos and voices to impersonate real people convincingly. To combat this technology, experts have developed cutting-edge tools and techniques to recognize and stop deepfakes.

What are people doing about it?

Here are some of the latest detection methods that your agency might consider to keep deepfake fraudsters at bay. Here’s how they work.

• AI-powered detection toolsĚýare designed to analyze videos and images in real time to detect whether they have been manipulated. Just a couple promising tools include:
  
  • HONOR’s AI Deepfake Detection –ĚýLaunching April 2025
    HONOR’s deepfake solution can be thought of as a built-in lie detector for images and videos. The technology scans media in real time and alerts users if something seems fake. This could help businesses and individuals avoid being misled by AI-generated content.[i]
    
  • Reality DefenderĚý–ĚýReal-time Deepfake Detection for Video Calls
    In a world of constant video meetings, it has unfortunately become possible for someone to get on a call with you and pretend to be your boss or a family member by using deepfake technology. Reality Defender combats this type of fraud by scanning facial movements, voice patterns and subtle glitches in real time. If anything is flagged, the technology alerts the user so they don’t become victims of scams.[ii]
    
• Lightweight AI modelsĚýare another tool people are deploying to deal with the rise of deepfakes and other fraudulent activity. These AI detection tools offer unique advantages to users. For one thing, they require far less computing power than other models, but they are still capable of effectively detecting deepfakes. Let’s look at a specific example:
  
  • Tiny-LaDeDa –ĚýA mini AI model with 96% accuracy
    Unlike traditional AI models that suck up an inordinate amount of power, Tiny-LaDeDa can sniff out deepfakes even while running on smaller devices. Despite being lightweight, it still claims to detect 96% of deepfake videos out there by analyzing tiny details in the way faces and voices are generated.[iii]

Comprehensive benchmarking frameworks

Given that deepfake technology is always evolving, cybersecurity researchers are not resting on their laurels. The industry has been developing standardized testing platforms to improve detection tools and ensure that security solutions can keep up with even the most creative of fraudsters. Let’s take a peek at some of the most notable:

• DF40 –ĚýA giant deepfake training library
  The DF40 library can be thought of like a gym for deepfake detectors. It contains thousands of deepfake samples created using 40 different AI techniques. Researchers can train and test tools against a wide variety of fake content, which enables them to get far better at spotting new ones as they come online.[iv]Ěý
  
• DeepfakeBench –ĚýA fair testing ground
  As with many cybersecurity tools, not all deepfake detectors are created equal. Additionally, some detectors are good at spotting one type of fraud but perform poorly when dealing with another. DeepfakeBench seeks to remedy this by ensuring that every detection tool is tested under the same conditions. It is an important solution for those who want to compare different products and assess which ones are the most effective.[v]

Smarter deepfake detection techniques

Sometimes, deepfake detectors can cause more problems than they solve. For example, certain tools may focus too much on “fake-looking” elements instead of checking if a person’s identity is real by cross-referencing IDs against verified data or analyzing biometric consistency. Luckily, there are many researchers currently working hard to fix this problem:

• Rebalanced Deepfake Detection Protocol (RDDP)
  RDDP improves deepfake detection by making sure tools don’t just look for obvious digital artifacts like weird lighting or blurry patches. This prevents hackers from bypassing detection by using better-quality deepfakes.[vi]

Government and military efforts

Governments are also stepping into the fight against deepfake fraud, especially because deepfakes can pose a considerable risk to national security and election integrity.

• Defense Advanced Research Projects Agency (DARPA)
  DARPA is an agency within Defense Department that focuses on investigating emerging technologies. As part of that effort, it is investing in AI tools that go beyond simple detection and combat deepfakes on a forensic level. The agency sees this work as a critical piece of the puzzle in dealing with everything from misinformation and identity fraud to protecting against AI-generated impersonations.[vii]Ěý
  

Tools for real estate transactions

While deepfake technology is advancing, so too are the tools designed to prevent all types of fraud in real estate transactions.

• SecureMyTransaction® from °µÍřłÔąĎ
  SecureMyTransaction (SMT) leverages AI-driven facial recognition to verify identities by comparing ID photos with selfie images, helping ensure that parties involved in a transaction are legitimate. In addition, SMT helps verify bank accounts and business entities to add multiple layers of security. By integrating these advanced fraud prevention tools into the title and escrow workflow, SMT provides an important safeguard against deepfakes and other fraud tactics. Learn more at.

Final thoughts

Scammers are increasingly using AI-powered deepfakes to target real estate transaction stakeholders—which makes them a major threat to our industry. But thankfully, new detection technologies are pushing back on these ambitious criminals. For title agencies, it is imperative to understand how these solutions work and how they may enhance your cybersecurity posture. The threat landscape is always evolving, but by staying apprised of the most cutting-edge solutions out there, you can fight fraud and keep your agency moving forward.

[i] 

[ii] 

[iii] 

[iv] 

[v] 

[vi] 

[vii] 

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Anyone who has been to the dentist knows the drill. You are in the middle of getting your cleaning, and your hygienist starts asking about your flossing habits and the toothbrush you use. This isn’t mere chit-chat but rather a way for your dentist to gauge your overall oral hygiene. Dentists know that keeping your teeth healthy requires more than an annual cleaning. It is a daily routine, involving consistent brushing, limiting your sugar intake, and replacing your toothbrush regularly.

While it may be tempting to take a “set it and forget it” approach to cybersecurity, resisting that impulse is crucial! Just like oral health requires daily maintenance, cybersecurity needs ongoing attention to prevent vulnerabilities from developing. In this blog, we’ll draw direct comparisons between the two to highlight the importance of good cyber hygiene.

MFA and Password Management = Daily Brushing and Flossing

Dentists will say that the first line of defense against dental problems is consistent, at-home brushing and flossing. Without a good routine in place, problems can quickly emerge. In the short term, this can include plaque build-up and gum inflammation. If neglect continues, tooth decay, cavities, chronic pain, and even systemic health issues can develop.

Weak password strategies and a lack of multi-factor authentication (MFA) often lead to similar outcomes for cybersecurity. Just like plaque builds up over time, the threat of phishing attacks or credential hacking increases without stringent protections. Eventually, the consequences can become severe, including stolen credentials, ransomware attacks, and operational disruptions. These issues can ultimately lead to reputational damage, economic fallout, and even legal penalties.

Just as brushing and flossing protect your teeth, using MFA and strong passwords can prevent cybersecurity issues before they arise.

Avoiding Suspicious Emails and Links = Reducing Sugary Food

Keeping your teeth pearly white also requires making smart choices, such as cutting back on sugar. When people indulge too much in sweet treats, it often leads to tooth decay and other issues like bad breath, gum disease, and even an increased risk of heart disease.

Similarly, failing to exercise caution with emails and links can expose your agency to cyber threats. A small lapse here and there may not seem like a big issue. But just as excessive sugar consumption eventually leads to cavities, frequent mistakes in identifying phishing attempts can quickly spiral into a security crisis.

The best way to prevent this is by changing the behaviors that create risk in the first place. Just like education on the dangers of sugar helps people make healthier dietary choices, cybersecurity training and vigilance can help your team operate more safely online.

Software and System Updates = Replacing Your Toothbrush

Good oral hygiene is not just about daily habits; it also depends on using the right tools. Experts routinely advise replacing your toothbrush every few months to maintain optimal dental health.

Like an old toothbrush that has lost its effectiveness, outdated security software may fail to detect emerging threats. Worse still, it can slow down your systems, hinder productivity, and even put your business at greater risk.

The lesson is clear: keeping your software up to date is just as critical for cybersecurity as keeping your toothbrush fresh is for dental health.

Good Hygiene: The Best Thing for Your Teeth and Your Tech!

Practicing cyber hygiene outside of an annual checkup is essential for the long-term health of both your technology stack and your business. Just as strong oral health depends on brushing, diet, and fresh tools, maintaining cybersecurity requires strong passwords, robust email security, and consistent software updates. Neglecting these steps can result in serious consequences—whether that be rotten teeth or IT system vulnerabilities. By taking these simple precautions, you can keep both your smile and your cybersecurity in top shape.

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Resolution #1: Protect your emails

Reacclimating to work after the holidays can make reviewing your cybersecurity posture feel even more overwhelming. Focusing on specific cybersecurity vulnerabilities, however, can make the project much more manageable. Of all the ways that criminals can attack your agency, email is one of the most common. Phishing and business email compromise are two particularly insidious schemes that have long threatened the title insurance industry. A good starting resolution for 2025 is to ensure your organization’s email communications are secured.

Resolution #2: Don’t wait to deploy multi-factor authentication

In one of my most recent blogs, I wrote about the importance of multi-factor authentication (MFA) and how these technologies are becoming ever easier to manage and deploy. Modern MFA technologies offer invaluable benefits for title agencies, enhancing digital security without compromising productivity. This blog provides helpful insights into how MFA can support your agency’s operations while keeping threats at bay. At °µÍřłÔąĎ, we have embraced MFA technology across our operations, and other industry professionals may find it worthwhile to integrate it into their security suite as a valuable enhancement.

Resolution #3: Implement Zero Trust architecture

U.S. President Ronald Reagan once famously said, “Trust, but verify.” While this was perhaps good advice for Cold War relations, when it comes to digital security, you must never trust and always verify. One of the best ways to do this is with Zero Trust architecture. Zero Trust protects sensitive client information by making sure access is restricted only to those who truly need it. On top of that, Zero Trust is essential for compliance, which is a big benefit for a heavily regulated industry like title insurance. It is for these reasons that Zero Trust architecture is an important resolution for any title agency to adopt in 2025.

Resolution #4: Automate your backups

Sometimes, despite our best efforts, a catastrophic cyber event will still occur. When that happens, you want to be sure that your most important files, data and systems can be recovered and restored as fast as possible. Establishing reliable and effective backup procedures ensures your organization can bounce back quickly. They minimize downtime, prevent data loss and maintain customer trust. Leveraging a multi-tiered backup strategy that combines on-premise servers and secure cloud environments is the best way to make sure your bases are covered. With this approach, you can turn a potential disaster into a manageable situation, making automated backups a valuable addition to your resolution list.

Resolution #5: Consider your contingencies

Given the risks, it is never a bad idea to invest in additional protections for your agency and clients. One of the best ways to do this is by considering a fraud prevention tool like , which vets transaction stakeholder ID documents with cutting-edge AI technology. Another strategy would involve obtaining cyber insurance to protect yourself from breaches and advanced cyberattacks like ransomware. Each provides critical safeguards for your agency’s operations, allowing you to focus on ensuring transactions go off without a hitch.

Make your resolutions count in 2025

They say the best laid plans of mice and men often go awry, and despite our best efforts, the promises we make at the beginning of the year can quickly fall by the wayside. Thankfully, resolutions are a bit easier to stick to if they involve cybersecurity, as the consequences of not doing so can be severe. I hope these resolutions can provide you with some good guidance for setting cybersecurity priorities for your own organization. When your security strategy is well-organized, you can operate more effectively on behalf of your clients and strengthen your market position in the process.

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The world of title insurance is full of highs and lows. On the positive side, title agents often get to help aspiring buyers achieve their dream of home ownership. On the other hand, doing this work, and doing it well, means having to stay vigilant for a wide variety of cyberthreats. Seller impersonation fraud is one such danger. A rising industry threat, seller impersonation fraudsters use various tactics to deceive buyers, sellers and industry professionals alike. From “eager beavers” to “phantom fakers,” here are the top five seller impersonator personas you need to know.

I. The “Eager Beaver”

The first seller impersonation persona is the “Eager Beaver.” These fraudsters thrive on creating a false sense of urgency, pushing transaction participants to rush through the process. When deploying this tactic, a fraudster will offer a variety of reasons why the property sale must be completed as quickly as possible, including:

• Financial necessity
• Upcoming travel or relocation
• Legal concerns or necessities
• Health problems that could imperil the transaction
• Alternative offers

We find that many fraudsters use this approach for one simple reason: it is often effective. Property sales can be intimidating and overwhelming to many people. Applying pressure can cause stakeholders to bypass organizational processes and procedures, which are in place for a reason, and lead to costly mistakes down the line.

II. The “Meticulous Mimic”

“Meticulous Mimics” rely on ID forgeries to pass themselves off as property owners to carry out fraudulent transactions. Of course, these criminals aren’t using the type of fake IDs you would find tucked into the wallet of your average high schooler. In fact, they are usually equipped with nearly flawless replicas of IDs, deeds and other sensitive documents. These fraudsters often put on airs of being overly prepared and highly detail oriented. Meticulous Mimics are a formidable threat because they excel at lulling other stakeholders into a false sense of security.

III. The “Sneaky Sparrow”

In the animal kingdom, there are many species that target the vacant homes of other animals for their own gain. Sparrows are one example. Sparrows are infamous for invading other birds’ nests.Unfortunately, real estate and title agents have their own “Sneaky Sparrows” to deal with. These are seller impersonators who target unoccupied homes.They fabricate a claim of ownership and then sell the property before the real owner even realizes what’s happened. 

IV. The “Detail Devil”

Next up are the “Detail Devils,” seller impersonators who are experts at targeting properties that have complex ownership histories and dense details. These bad actors know how to navigate tangled webs of property information and exploit the confusion these transactions can understandably cause. Whether it be by manipulating legal frameworks or financial records, these fraudsters excel at turning convoluted property documents into illegal paydays.

V. The “Phantom Faker”

Finally,you can’t discount “Phantom Fakers,” fraudsters who attempt to pass themselves off as deceased property owners. They often use a combination of forged documents to fabricate a claim of ownership on a given property. Their schemes benefit greatly from the real owner no longer being capable of defending or disputing their behavior, which makes it easier to fraudulently sell or transfer a targeted property.

Stay safe with °µÍřłÔąĎ and SecureMyTransaction

Knowing the most common seller impersonators can give you a leg up on potential fraudsters, but leveraging the right technology is key to truly securing your transactions. °µÍřłÔąĎ’s SecureMyTransaction is one such solution, offering advanced tools to guard against today’s threats, including seller impersonation fraud. This new security solution also provides detailed audit trails, helping title professionals simplify compliance and protect their clients with greater confidence. Learn more about SecureMyTransactionĚý.

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The good news is that significant changes are coming to the MFA landscape. Let’s explore the latest trends for 2025 and beyond, showing you how to leverage these advancements to maximize security while minimizing inconvenience.

Why you should keep up with the MFA evolution

When it comes to cybersecurity, the threat landscape is ever changing. MFA practices continue to evolve as well. Agencies that evolve along with this technology in 2025 will be able to reap the full benefits of advances like biometrics, adaptive MFA and continuous authentication. Let’s look at each one-by-one.

Believe in biometrics

Arguably, the biggest shift coming down the MFA pike is the rise of biometrics. Biometrics is already a big part of many applications. Anytime fingerprints are used to log in, for example, biometrics is at work. Look for these services to proliferate more quickly, and eventually include vocal and behavioral verification capabilities. Title companies can leverage advanced biometrics to improve security and convenience for their teams and customers. These services offer unique layers of protection without the hassles of managing multiple passwords.

Adaptive MFA is advancing

Another development for agencies to watch out for is adaptive MFA. Today’s MFA requires repeated verification, sometimes as often as during every login. Adaptive MFA streamlines this by analyzing the context. It prompts additional verification only when warranted—such as when a change is detected in a login’s location or device. By reducing unnecessary prompts without compromising security, title agencies can offer a smoother, more user-friendly experience.

Continuous authentication is coming

Perhaps one of the most exciting MFA developments that has a clear applicability for title agencies is continuous authentication. Continuous authentication is closely related to adaptive verification. It takes it one step further, however, by working in the background and constantly assessing factors like typing patterns, device usage and location. This allows it to confirm the user’s identity throughout a given session and detect anomalies in real time. Title agencies can use this technology to improve verification and security experiences.

Protecting transactions

In an age of endless cyber threats, adopting the latest MFA technology is critical for agencies seeking the right balance between security and convenience. In addition to MFA, agents need effective solutions to address fraud risks within transactions. °µÍřłÔąĎ’s new identity verification and fraud prevention tool, , for instance, provides validation of identity instruments, as well as bank account and business information, helping to move transactions forward with confidence. Title professionals also benefit from detailed audit trails, simplifying compliance and providing added peace of mind.

Achieve reliable and convenient MFA security MFA technology is an effective, albeit inconvenient, security technology. In an era of remote work and complex technology like cloud networks, it will remain an important part of agencies’ security stacks. The encouraging news is that we are on the cusp of new MFA developments that will ensure better security and improved customer experiences. In the end, that will enable the type of smooth, swift transactions that both customers and agents appreciate.

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For many people, October is associated with ghosts, goblins, tricks and treats. But for those involved in IT, it represents something equally scary: the unpredictable cybersecurity landscape facing businesses today. You see, October is Cybersecurity Awareness Month, and it’s the perfect time for title agencies to reassess their digital defense strategy. Let’s review some top priorities and best practices to ensure your strategy is working as efficiently as possible.

The undeniable importance of cybersecurity in title insurance

Title agencies are no strangers to handling large amounts of sensitive and personal information, as collecting and transmitting data is key to any successful real estate transaction. However, it can be challenging to know which aspect of your security to focus on, especially with so much information out there about threats, breaches, and solutions. Cutting through this noise requires a careful strategy that aligns with your agency’s specific needs, goals, and risks. For title agencies, this means focusing on solutions that protect sensitive client information, prevent wire fraud and ensure compliance. Let’s dive deeper into how you can ensure you achieve each of these priorities.

Investing in data protection

Achieving comprehensive data protection means examining and securing potential attack vectors. Let’s take email as an example. Email is one of the top ways in which cyber criminals exploit a business’s defenses and breach critical systems, especially in the real estate industry. Techniques like multi-factor authentication, encryption, mail filters and domain-based message authentication are all non-negotiable if you want to keep your people and agency safe. But that’s just the tip of the iceberg. One of the main ways that attackers harm businesses is through human error, which means that any technology solutions you implement must also be paired with security awareness training. These programs are invaluable for training team members on how they can spot suspicious or dangerous email activity and take action to keep systems and data safe.

Protect against wire fraud

Easily one of the most well-known cyberthreats to title agencies is the scourge of wire fraud. Fraudsters frequently target transactions by intercepting wire instructions and diverting funds into their accounts, often with devastating consequences for both title agents and consumers. While encrypted communication channels and stringent verification methods — such as multi-factor authentication and verbal confirmations — are critical to combating this threat, comprehensive verification solutions are equally essential. , developed by °µÍřłÔąĎ, is one such solution. It helps agents verify transaction participants and performs both bank account and business verifications. By integrating solutions like this alongside educating clients on best practices, you can significantly reduce the risk of human error and safeguard your transactions.

Don’t forget compliance

Closely connected to agency security is the issue of regulatory compliance. Agencies are subject to many industry standards and requirements. You must always be mindful of whether your cybersecurity strategies are in alignment with these obligations. Routine audits of your security practices and activities can provide greater visibility and ensure ongoing compliance, which is essential to avoiding fines. I can’t stress enough how important it is to be proactive rather than reactive with this aspect of your security. Your company’s very reputation hinges on it!

Stay safe during Cybersecurity Awareness Month and beyond

When October comes around each year, there is always a lot to look forward to. The weather is cooler, the air crisper. Jack-o’-lanterns begin showing up on doorsteps. And everywhere leaves are bursting into color. While digging into your cybersecurity strategy may not sound as fun, October’s Cybersecurity Awareness Month is a great moment to stop, reflect and recalibrate for a successful year ahead. By taking a hard look at how your agency is handling data protection, wire fraud and regulatory compliance, you can reduce your risk and move into the final stages of the year with greater confidence in your agency’s security. You may still have ghosts, goblins and even mischievous trick-or-treaters to deal with, but at the very least, you’ll know you’ve taken steps to keep cybercriminals at bay.

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Thanks in large part to your help and support, I am proud to share two significant updates regarding SecureMyTransaction.

First, the American Land Title Association (ALTA) has announced today that . As part of that process, SMT was rigorously vetted as a provider and received recommendations from ALTA members. This designation is an important milestone and affirms SMT’s effectiveness in helping agents respond to increasingly sophisticated fraud schemes.

Second, we’re excited to announce that this week, SMT is being updated to include new features allowing you to customize the user experience with your branding, the branding of your real estate partners, and even lenders. This includes incorporating your logos, contact information, and messaging for a seamless, integrated ID verification experience that reflects your unique business style. With this added ability to customize the platform, SMT not only offers protection but also supports brand visibility and business growth.

We remain committed to growing and enhancing SecureMyTransaction, and your feedback will guide our efforts. You can also follow updates at SecureMyTransaction.com.

If you have thoughts or questions about SecureMyTransaction, please reach out to me or any member of our team.

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The report, released in March, highlighted investment fraud and business email compromise (BEC) fraud as the two most expensive fraud types in 2023, with investment fraud increasing from $3.31 billion in 2022 to $4.57 billion in 2023 — a 38% increase, and BEC logging 21,489 complaints amounting to $2.9 billion in reported losses.

“Today’s cyber landscape is threatened by a multitude of malicious actors who have the tools to conduct large-scale fraud schemes, hold our money and data for ransom, and endanger our national security,” the FBI noted in its executive summary. “The FBI continues to combat this evolving cyber threat. Our strategy focuses on building strong partnerships with the private sector; removing threats from U.S. networks; pulling back the cloak of anonymity many of these actors hide behind; and hitting cybercriminals where it hurts: their wallets, including their virtual wallets.”

IC3’s Recovery Asset Team (RAT), established in 2018 to facilitate the freezing of funds involved in cybercrime, was able to initiate the Financial Fraud Kill Chain (FFKC) on 3,008 incidents in 2023, with potential losses of $758.05 million. A monetary hold was placed on $538.39 million, representing a success rate of 71%.

In its report, the FBI emphasized the importance and value of victims reporting cyber incidents to IC3.

“Your reporting is critical for our efforts to pursue adversaries, share intelligence with our partners, and protect your fellow citizens,” the FBI noted. “Cybersecurity is the ultimate team sport, and we are in this fight together.”

For professionals involved in real estate transactions, RAT is a significant ally, as the organization has developed the deep insight and resources needed to identify, track and convict cyber criminals.

By creating a strong liaison between law enforcement and financial institutions, RAT is able to assist in the identification of potentially fraudulent accounts, stay at the forefront of emerging trends, and foster a symbiotic relationship where information is shared.

New concerns emerge

The IC3 report noted increasing concern for situations where fraudsters prompt victims to send wires directly to third-party payment processors. Funds are quickly dispersed in such cases, making it more difficult to recover the money.

The FBI is also seeing an increase in fraudsters using custodial accounts at financial institutions or cryptocurrency platforms, where the funds are quickly swallowed up.

“With these increased tactics of funds going directly to cryptocurrency platforms and third-party payment processors or through a custodial account held at a financial institution, it emphasizes the importance of leveraging two-factor or multi-factor authentication as an additional security layer,” the agency noted. “Procedures should be put in place to verify payments and purchase requests outside of email communication and can include direct phone calls but to a known verified number and not relying on information or phone numbers included in the email communication.”

Other best practices include:

• Carefully examining the email address and URL
• Reviewing the wording and spelling in the correspondence
• Refraining from clicking on links requesting you update or verify account information
• Refusing requests to supply login credentials or personal information via email
• Training employees on the red flags of fraud
• Providing staff with ongoing training on how to handle suspected fraud

Wire fraud guidance

As in past years, the FBI reminded real estate professionals involved in wiring funds to put in place strict verification measures should a wire change be requested during the course of a transaction.

In addition, the FBI emphasized the critical need for title agents who are victims of wire fraud to act quickly when the fraud is detected, advising they contact the originating financial institution to request a recall or reversal and a Hold Harmless Letter or Letter of Indemnity.

They also encouraged victims to file a detailed complaint with  providing as much data as possible to broaden the organization’s ability to track cybercriminals.

Ransomware on the rise

Ransomware incidents were also on the rise in 2023, with 2,825 complaints reported and losses up 74% from $34.3 million to $59.6 million.

In its report, the FBI emphasized that it does not encourage paying the ransom since it will effectively embolden criminals to target more victims.

“Paying the ransom also does not guarantee that an entity’s files will be recovered,” the FBI reminded. “Regardless of whether you or your organization decided to pay the ransom, the FBI urges you to report ransomware incidents to the IC3. Doing so provides investigators with the critical information they need to track ransomware attackers, hold them accountable under U.S. law, and prevent future attacks.”

At °µÍřłÔąĎ, we are committed to keeping you updated on the latest cybersecurity threats and providing you and your staff with information and tools to help protect your customers and your agency. SecureMyTransaction from °µÍřłÔąĎ is an advanced fraud prevention solution built exclusively for independent title professionals. The system helps agents avoid risks posed by wire fraud, identity fraud and vacant property fraud by automating the information you need to move transactions forward with confidence. SecureMyTransaction leverages AI technology that covers and crosschecks:

• Identification
• ID instrument validation (US and 200 countries)
• Bank account validation and ownership
• Payoff and proceeds verification
• OFAC searches (FinCEN included in the OFAC feed)
• °µÍřłÔąĎ Underwriting alerts

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Sometimes the cybersecurity landscape can feel a bit hopeless, especially when you look at recent data. News headlines are abuzz about breaches. Major companies across the economy are routinely victimized by hackers. Municipalities are open targets. Despite millions invested in security solutions, attacks seem to continue with unrelenting frequency. It all begs the question: Where do we go next? 

The answer is deceptively simple. Agencies seeking to keep their networks secure and data safe must build a cybersecure culture. How do you do it? Let’s look at a few ideas.

What is a cybersecure culture?

A workplace with a “cybersecure culture” is one with a broad understanding of cybersecurity’s importance. Additionally, these are workplaces that promote cybersecurity training and consider every employee an important contributor to their overall security posture. Cybersecurity is not an afterthought in these organizations but a key goal that directly informs the workplace’s strategic decision-making.

Start with some simple questions

The work of building a cybersecure culture begins with the recognition that a long-term commitment is required. Start by asking stakeholders for their buy-in and ensure you will be properly resourced for the long haul. Once assured of your organization’s support, you can develop strategies and tactics to achieve your cybersecurity goals.

Security awareness training  

Companies are increasingly realizing that technology solutions are not a magic bullet in the war against hackers and fraudsters, and many have begun supplementing their tools with security awareness training. The importance of such training really cannot be overstated, as the data shows that human error is one of the primary causes of major cyber incidents like data breaches. Just a few years ago, Stanford University partnered with a cybersecurity organization and found “that approximately 88% of all data breaches are caused by an employee mistake.”[i]

Security awareness training that provides tailored and comprehensive content can directly address this issue. More specifically, an effective program will also look at the most pressing threats facing your organization. It will then offer guidance on how employees can recognize suspicious activity and take action. Some additional tips for building a great program are:

• Cover the latest and most important cyberthreats affecting your agency, including malware,Ěýransomware,Ěýmodern phishingĚýandĚýdark web activity.
• Share actionable tips on how to create strong passwords, properly identify suspicious emails and assess which links are safe.
• ConsiderĚýĚýthat offers security awareness training programs with customized content.

Apply a critical policy eye

Another step for building a cybersecure organization is to review relevant policies and adjust where necessary. Oftentimes, organizations fail to specify core parts of their cybersecurity strategy, which results in inconsistencies in acceptable use, data protection and incident response procedures. Fleshing these out needs to be a business priority, as it will create the consistency essential to keeping attackers at bay.

Create a collaborative, responsible culture

One of the last pillars of a cybersecure culture is arguably the trickiest. You need to also establish a workplace where people speak up about suspicious or illegal cyberactivity. This requires multiple steps. Obviously, you need to establish clear reporting channels and processes, but you must also ensure that employees believe that your company’s response will be fair and non-punitive. Investing in team building activities throughout the year can be one of the best ways to create this type of culture. When employees feel committed to the well-being of their workplace and their co-workers, they are naturally incentivized to make positive contributions to their employer’s cybersecurity strategy.

Final thoughts

Technology is integral to any organization’s defense posture in a world full of ever evolving cyberthreats like ours. But that is only the first step. It is also critical to gain buy-in, provide education and training, and create a culture where people feel genuinely passionate about contributing to your defense posture. It is the best way to move toward a more resilient and cybersecure workplace.

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