North Star Title Agency’s Direct Response to Wire Fraud
By: Peter Casey Wall, CTP, Chief Operating Officer, North Star Title Agency
At North Star Title Agency, we prioritize the security of your financial transactions. In today’s digital landscape, wire fraud poses a significant threat, and we are committed to safeguarding your funds. To ensure the highest level of protection, we directly implement the ALTA Rapid Response Plan for Wire Fraud Incidents whenever a report of wire fraud is received.
Why Wire Fraud is a Serious Concern
Wire fraud involves the unauthorized transfer of funds through electronic means, often resulting in substantial financial losses. Criminals use sophisticated techniques to intercept and redirect wire transfers, making it crucial to have robust security measures in place.
Our Direct Response Plan
North Star Title Agency has adopted the ALTA Rapid Response Plan for Wire Fraud Incidents to tackle wire fraud swiftly and efficiently. Here are the key steps we take to protect your transactions:
- Immediate Alert and Coordination: As soon as a wire fraud incident is reported, our management and internal response team are alerted. This team includes experts from various departments such as accounting, IT security, legal counsel, and underwriters.
- Bank Communication: We promptly contact both the sending and receiving banks to request a recall of the fraudulent wire transfer. This involves providing detailed information about the transaction and requesting a freeze on the recipient’s account.
- Informing Transaction Parties: All parties involved in the transaction, including buyers, sellers, real estate agents, brokers, attorneys, and notaries, are informed using trusted phone numbers. We advise them to review their email security and update passwords to prevent further attempts.
- FBI and Law Enforcement Reporting: We file a complaint with the FBI’s Internet Crime Complaint Center (IC3) and report the incident to local law enforcement. This ensures that the authorities are aware and can take necessary actions.
- Follow-Up with Banks: We confirm with the sending bank that the recall request has been processed, ensuring that every possible step is taken to recover the funds.
- Documentation and Review: Our response is meticulously documented using a customized worksheet. This helps us track progress and make necessary updates to our incident response plan.
- Insurance and Legal Counsel: We consider contacting our insurance carriers and outside legal counsel to explore additional avenues for recovery and protection.
- Security Enhancements: We review our security measures, update passwords, secure hardware, and analyze email logs to prevent future incidents.
Our Commitment to You
At North Star Title Agency, your security is our priority. By directly implementing the ALTA Rapid Response Plan, we ensure that every transaction is handled with the utmost care and security. Our proactive approach allows us to respond quickly and effectively to any reports of wire fraud, minimizing potential losses and protecting your funds.
NOTE: We employ a service called CertifID in order to send, collect, or confirm wire instructions on every file.
How You Can Help
While we take extensive measures to protect your funds, you can also play a role in preventing wire fraud. Here are some tips:
- Verify Information: Always verify transaction details using known, trusted phone numbers.
- Secure Your Email: Regularly update your email passwords and review security settings.
- Stay Informed: Be aware of common wire fraud tactics and report any suspicious activity immediately.
Together, we can create a safer environment for all financial transactions. Trust North Star Title Agency to keep your funds secure and provide peace of mind throughout your buying or selling process.