Learn How Email Fraud Can Affect Your Real Estate Closing in California
Fraud is the biggest concern in the escrow sector. It’s always been like way. Any corporation that maintains other people’s money in an escrow trust account has always faced the danger of identity theft, check fraud, and wire fraud.
What has been disturbing in recent years is how creative and sophisticated scammers have grown in their attempts to get that big hit. The introduction of newer technologies has resulted in a rise in danger, owing to consumers’ lack of understanding of how these technologies function and how to protect themselves while using them. The first of these new technologies will be examined in this article. Remember that at Neighborhood Escrow, we take your security seriously and take every possible step to keep your information secure.
Email is a primary point of entry for fraudsters
Email is unique in that it was the first tool that allowed us to identify other individuals without using our senses. When we get an email from someone, we only have a hazy idea of who that person is based on the email address. We can’t see or hear the person’s face or hear their voice. Because of the ease with which it might be used, secondhand identification is recognized as primary identification. What are the drawbacks of relying on this sloppy identification?
What happens if the email address is forged? What if someone impersonates them by hacking into their email address? What if a hacker gains access to MY email account and uses it to impersonate me?
Lowering your risk of becoming the victim of email fraud
As a result of the foregoing, e-mail fraud may be defined as identity fraud in the information age. What are our options? There are two methods for lowering your risk of email fraud:
To solve the first two bullet points above, proper e-mail and online browsing habits are required. To solve the third bullet item above, maintain good email security. Before opening, be cautious and hover over email addresses and URLs.
The truth about phishing
Phishing is the phrase for impersonating someone else through fraudulent emails. The most basic concept to grasp about phishing is that the person’s name on the “From” line, header, or signature does not accurately identify them. The only method to determine someone’s identity from their email address is to hover over it and read what it says. If it’s right, congratulations; you’ve completed step one (but you are not done yet, see further steps below). If it isn’t, it’s time to dismiss it and/or notify that individual separately.
At Neighborhood Escrow we take every step we can to make sure that our clients are safe and secure. If you have questions about the escrow process, contact us at 310-378-2456.
