Reducing the Risk of Real Estate Wire Fraud

September 1, 2016

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Ongoing bad publicity related to real estate transaction wire fraud threatens to damage the reputation of the real estate industry. Previous issue descriptions have been incomplete and have also not provided thorough guidance for those brokerages, title companies, attorneys, and others that engage internally in the wiring of funds or interact with the consumer regarding wire transfers.This paper provides information relevant not just for those directly establishing and communicating wiring instructions, but also for those just acting in an advisory role to the consumer during the transaction.

The paper includes best practices – sample procedures and communications gathered from franchises, brokers, title companies and others. It also includes a sample company policy Clareity Consulting has created based on both these best practices and on our experience advising brokerages and other companies regarding information security. Not all aspects of this paper will apply to all companies involved in the transaction, and what is relevant will still need to be tailored to an individual company’s business processes. Still, it provides a valuable starting place toward reducing the risk of wire fraud.

Please download the paper here, in Adobe Acrobat format:
Reducing the Risk of Real Estate Wire Fraud


Updated March 13, 2017

 

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Author: Matt Cohen

Matt Cohen has been Clareity's Chief Technologist for more than 20 years. He has consulted for many of the top Associations, regional MLSs, large brokerages and franchises, and a wide variety of information and technology companies that service the real estate industry. MLSs, Associations and Franchises look to Matt for help with system selection and negotiation. Real estate software and technology providers look to Matt for assistance with product planning, software design, quality assurance, usability. All seek his expertise in information security assessment. Matt has spoken at many industry events, has been published as an author in Stefan Swanepoel’s “Trends” report and in a variety of MLS and Association magazines and newsletters, and he has been honored by Inman News by being listed as one of the 100 Most Influential Real Estate Leaders in 2013.