The FBI's IC3 report revealed that Business Email Compromise (BEC) scams led to $2.9 billion in losses in 2023, affecting various sectors, especially real estate. Title insurance companies have initiated significant measures to combat wire fraud, focusing on consumer education and training while implementing protective tools. Although over 40% of these companies received fraudulent wiring requests monthly, only 7% fell victim to the scams. With growing concerns about wire fraud, the industry is committed to arming consumers with knowledge and resources to enhance protection against cybercriminals.
The reality of it is these are some of the most sophisticated bad actors that have invested hundreds of millions of dollars into their own tradecraft.
Title companies are investing time and resources to ensure a safe and secure homebuying experience for consumers.
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