Wire Fraud Prevention and Resources
It's no secret, wire fraud is on the rise. According to ALTA's 2021 study, 76% of Title Agents reported wire fraud attempts stayed the same or increased.
ALTA 2021 Survey: Title Professionals Targeted for Wire Fraud in a Third of all Transactions.
33
%
Of all transactions in 2020 included targeted wire fraud scams.
76
%
Of Title Agents reported wire fraud attempts stayed the same or increased over 2020.
71
%
Of stolen funds were not fully recovered.
75
%
Of unrecoverable funds were sent by an employee.
Additional ALTA Resources
Additional tools and resources from the American Land Title Association (ALTA).
- ALTA Outgoing Wire Preparation Checklist: Use this checklist as a best practice for verifying outgoing wire information.
- ALTA Rapid Response Plan for Wire Fraud Incidents:The standard ALTA Rapid Response Plan for Wire Fraud Incidents has been developed by the ALTA Information Security Committee. Download and customize:
- ALTA Rapid Response Plan for Wire Fraud Incidents
- Rapid Response Worksheet - available in Excel Formator PDF
- How to Complete an IC3 Report Video
- ALTA Wire Fraud Infographic: ALTA has produced this Rack Card explaining Wire Fraud that includes the steps a consumer should take to avoid becoming a victim of wire transfer fraud.
- Wire Fraud Tips Video: Share this one-minute video with homebuyers so they know how to protect their money.
- ALTA Wire Fraud Video:This two-minute video provides four tips on how consumers can protect their money and offers advice on what to do if they have been targeted by a scam.
More resources can be found here.
Also, ALTA’s Marketplace can help companies navigate many cyber-related vendors and services.