Escrow and cyber fraud are becoming more and more prevalent throughout the title insurance industry, as agents question how best to protect themselves from threats. The answer to that question and more will be provided in October Research Corp.’s upcoming Webinar Combating Internal Fraud: People, Processes and Technology Firewalls. Read on for the details. (8/20/2010)
Recent cases of corporate identity theft and cyber fraud have put title agents on the alert concerning the safety of their overall business as well as their escrow accounts. Agents are scrambling to put more effective controls in place to build a stronger bulwark around their companies. What can agents do to ensure the safety of both their identity and their accounts against internal and external threats?
On Sept. 16, October Research Corp. will host a Webinar to outline what agents can do to put in place protocols to prevent internal escrow fraud as well as cyber fraud. Information about the Webinar, Combating Internal Fraud: People, Processes and Technology Firewalls, can be found at www.octoberstore.com..
The Webinar will feature RynohLive President Dick Reass, Agents National Title Insurance Co. CFO Brent Scheer and RynohLive COO Rafael Toledo Jr. and will be moderated by The Title Report editor Jennifer Kovacs.
Toledo, who has more than 25 years experience in criminal investigations, both as a police officer and a private legal investigator, will share some dire warnings for title agents about new fraud schemes he is seeing in the marketplace.
“A national bank called us recently and had a unique situation,” Toledo recalled. “They loaned some money to a borrower whose identity had been stolen. But here was the interesting piece: The title agent and policy they received were also fraudulent. The identity of the agent had been stolen.”
Toledo recounted that the fraudsters had gone online to a state licensing site and changed the address of the tile company and the registered agent under that company’s name. Once they did that, it appeared that they were operating a legitimate title company using a legitimate underwriter.
“They opened a checking account using the agent’s stolen identity and then processed a loan like they were a title agent for a borrower who had great credit — whose identity was stolen as well. When the money was sent by the bank to the title agent to close, they stole the money and sent the bank a fraudulent closing protection letter and policy. The bank didn’t find out until 30 or 60 days later when there was no payment,” Toledo said.
According to Reass, there are many things agents can and should be doing to protect their accounts. “It’s a combination of account management, what you need to do to work effectively with your bank to protect your company, and what you can do to put up better firewalls against cyber fraud,” he said.
During the Webinar, Reass and Toledo will cover a wide range of topics including the necessity of three-way reconciliation and daily reconciliation; the importance of choosing the right software, procedures and bank; the need for the entire staff to be thoroughly grounded in what are truly “good funds;” and other basic internal processes that can prevent agents from becoming a target for internal or external threats.
Combating Internal Fraud: People, Processes and Technology Firewalls will air Thursday, Sept. 16, 2010, at 2 p.m. ET. To register or to order a recording of the Webinar, visit www.octoberstore.com or call (877) 662-8623 ext. 7221 for more information
According to Reass, there are many things agents can and should be doing to protect their accounts. “It’s a combination of account management, what you need to do to work effectively with your bank to protect your company, and what you can do to put up better firewalls against cyber fraud,” he said.
During the Webinar, Reass and Toledo will cover a wide range of topics including the necessity of three-way reconciliation and daily reconciliation; the importance of choosing the right software, procedures and bank; the need for the entire staff to be thoroughly grounded in what are truly “good funds;” and other basic internal processes that can prevent agents from becoming a target for internal or external threats.
Combating Internal Fraud: People, Processes and Technology Firewalls will air Thursday, Sept. 16, 2010, at 2 p.m. ET. To register or to order a recording of the Webinar, visit www.octoberstore.com or call (877) 662-8623 ext. 7221 for more information.
Escrow fraud concerns escalate with cyber fraud reports
