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| Cybersecurity and Wire Fraud |
| Commentary by Lisa Mihelcich |
Cybersecurity and wire fraud breaches remain valid threats in the real estate industry, despite available precautions. In fact, wire fraud was the No. 1 type of fraud in 2016, causing $50 billion in losses, according to PointPredictive's Chief Fraud Strategist Frank McKenna. Worse yet, wire fraud losses happen instantly, and most are untraceable back to the culprit. It can happen in real estate transactions when hackers break into an agent's or client's email account and look for upcoming transaction dates. The criminal, posing as the agent or title officer, emails the buyer with wiring instruction changes in the eleventh hour. If the buyer complies, the money is gone—just like that. Unfortunately, the offer for the house usually falls through, as well. ...
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(TNS)—If you can afford it, it might be simple to pay off your mortgage earlier. But should you? That's a complicated question.
