Wire Fraud and Encrypted Emails

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Cybercrime and electronic transfer/wire fraud is prevalent these days and we are all taking the necessary steps to help protect personal, non-public information through secure and encrypted email practices.  Despite these efforts, new scams continue to arise and our consistent attention is essential.  The most recent scam involves individuals obtaining login credentials for email accounts belonging to parties to a real estate transaction.   By doing this, they can monitor email activity, including communication to buyers and sellers regarding current transactions and the wiring of closing funds, which could include wiring instructions.  The cybercriminal then sends an email to the buyer or seller from the original email address telling them the routing information they were initially given for the transfer of their funds was incorrect and that they are to wire them to the enclosed new and “correct” routing number.  This routing number is for a bank account owned and controlled by the cybercriminal and funds are now lost. 
    
      

To help guard against this at the present time, Meridian Title has removed wiring instructions from our website and will no longer be attaching them when sending out title commitments.  We will be moving to encrypted email practices in a further effort to protect our customers from this type of activity.  When this occurs, wiring instructions, as well as closing documents, will arrive in a secured email format.   Please direct your clients to follow only instructions that arrive in a secure, encrypted email.  Should they receive any direction stating or requesting a change in routing information, they should contact you or the title company directly to confirm and clarify.



Encrypted Email

Encrypted Email

Meridian Title has implemented a user-friendly encrypted email service in order to protect our customer's non-public personal information.  To view encrypted email instructions, Click Here