7 ways to prevent cyber fraud

Tags

cyber, email, fraud, Scams, wire transfer

Reprinted from Attorneys Title Fund Services LLC June 29, 2017

The FBI recently issued a PSA on this topic and emphasized the following prevention strategies:

1. Stay Informed – If you have an increased awareness and understanding of how the scams present themselves, you are more likely to recognize when you have been targeted. So STAY INFORMED. Read the PSA issued by the FBI and other resources that are made available to you on this topic.
2. Internal Prevention – Strong internal prevention techniques, especially with front-line employees, have been very successful in deflecting attempts to infiltrate your closing and divert monies.
3. Use Secured Email Service– Avoid free web-based email addresses. Establish a company domain name and use it.
4. Register Similar Domains – Register company domain names that are very similar to yours to prevent a criminal from doing so. This is a new one to me and sounds like a really good idea!
5. Use a Landline– Consider being old fashioned and use a landline telephone to communicate with realtors, buyers and sellers.
6. Use the Forward Button – Instead of responding to an email by using the “Reply” button, use the “Forward” button, which will require you to type in the correct email address for the recipient. This may avoid an accidental reply to a fraudster using a similar (but false) email address.
7. Verify Funds Transfers – Confirm, confirm and re-confirm requests for funds transfers. Carefully scrutinize all e-mail requests for funds transfers. Use phone verification but make sure you use previously known numbers and not numbers provided in an email request.

Estoppel Bill enacted effective July 1, 2017

Tags

718, 719, 720, certificate, condominium, estoppel, Hoa, homeowners association

Attorneys’ Title Fund Services, LLC.  reports that

“on June 14, 2017, the Governor signed Senate Bill (“SB”) 398, which we all affectionately call the “Estoppel bill.” Effective July 1, 2017, the new law makes substantial changes to all three of Florida’s primary community association statutes – chapter 718, F.S. (condominiums); chapter 719, F.S. (cooperatives); and chapter 720, F.S. (homeowners’ associations).

The new law provides mandatory detailed content for association estoppel certificates and provides that the certificate shall be issued by the association within 10 business days after receipt of the written or electronic request for it. We are working on a sample form to distribute to you which tracks the language of the new statute. The certificate is valid for 30 days if provided via hand delivery or by electronic means – 35 days if provided by regular mail.

Of particular import, the association may not collect sums beyond the amounts specified in the estoppel certificate from anyone who relies on the certificate in good faith.

Associations may charge up to $250.00 for an estoppel certificate if no delinquent amounts are owed. If delinquent amounts are owed to the association, up to $150.00 extra may be charged. When certificates are requested to be provided within 3 business days, a $100.00 additional fee is also allowed. No fee may be charged by the association if the estoppel certificate is delivered to the person who requested it more than 10 business days after receipt of the request.”