Robert Siciliano directly addresses camera: By now, most agents have worked with people who have been victims of wire fraud or heard horror stories about it. Despite the awareness, it's still happening at record levels.
I'm Robert Siciliano, CEO and head trainer at ProtectNow LLC. Let's take five minutes to talk about the red flags you can spot to help avoid fraud in real estate transactions. 
Wire fraud has become a significant threat, and agents and their clients must proactively protect themselves. Criminal hackers target real estate agents and their clients by hacking into their email accounts. Once they gain access, they impersonate the agent and deceive buyers into wiring funds to accounts controlled by the hackers. Since you've been hearing about wire fraud for years, and many of you even have warnings in your email signatures, it's easy to think this type of fraud is not as prevalent. But it's on the rise and poses a serious risk to real estate transactions. Fraudsters are getting more sophisticated and changing their methods as people catch on.
To protect you and your clients, it's crucial to strengthen your security practices. One of the first steps is adopting a password manager. This software generates and securely stores unique, strong passwords for each account. Having different passwords for each account minimizes the risk of hackers gaining access to multiple accounts if one is compromised. Some examples are LastPass, Bitwarden and 1Password.
Additionally, enabling two-factor authentication adds an extra layer of security. With two-factor authentication, users must provide a second verification step, such as a code sent to their mobile device and their password. Two-factor authentication significantly reduces the chance of unauthorized access.
In addition to these measures, regularly review your email client dashboard and settings. Ensure that no automatic email forwarding rules exist without your knowledge. To do this, go into your email settings, seek out "automatic email forwarding" and review the rules and settings. Hackers often use these forwarding rules to monitor and intercept communications. You can detect potential fraud early by staying vigilant and checking for any suspicious activity.
Another red flag to watch out for is unfamiliar IP addresses accessing your email account. If you notice IP addresses from locations known for fraudulent activities or unknown sources, it clearly indicates a potential security breach. For example, if you have an IP address attached to your location and you get an alert that someone from outside your city or state is trying to access your email, take immediate action and investigate further to protect yourself and your clients.
Lastly, consider using a VPN (Virtual Private Network) when accessing sensitive information or public Wi-Fi networks. A VPN creates a secure connection, encrypting your data and providing additional protection. Some examples of programs you can use include ExpressVPN, NordVPN and IPVanish to name a few.
By implementing these measures and staying informed about the latest fraud tactics, you can significantly reduce the risk of falling victim to wire fraud. Protecting yourself and your clients should be a top priority in real estate transactions.
Remember, being proactive is crucial. Stay vigilant, adopt strong security practices, and educate yourself and your clients about the potential risks and preventive measures. Together, we can combat wire fraud and ensure a safer real estate environment.