Are you at risk of wire fraud in Real Estate?

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Closing on a new house is very exciting, but it’s also busy and expensive. It also could make you very vulnerable to hackers who know there is a lot of money on the line.

Real EstateAny industry involving wiring transfers of large sums of money is vulnerable to this new type of hack. Purchasing a car, home or piece of art are large transactions and are not usually done in cash. In well-established industries like real estate, there are some checks and balances, but while one would think it would be very tough to pull off this scam in real estate, it is just as easy.

When looking at the home buying process, a report by the FBI’s Internet Crime Complaint Center said email fraud involving real estate transactions rose 1,110 percent in the years 2015 to 2017 and fraud dollars lost rose almost 2,200 percent. That means scammers are getting more efficient.

Nearly 10,000 people reported being victims of this kind of fraud in 2017 with losses over $56 million, the FBI report said. Real estate is only now tightening its belt and fighting back. However, the real estate industry’s security is not even close to the levels of security in the art world. Yet, both industries are susceptible to this new hack.

How the Hack Works

Although it’s not entirely a new concept, this is the freshest approach hackers are targeting real estate agents, and your clients. You need to put this on your radar! This is a pretty simple hack. Basically, criminals are breaking into the email accounts and then they monitor the email correspondence. Breaking in, in other words means “logging in” because millions of email addresses and their associated passwords are in the hands of criminals due to massive data breaches. So when the agent sends an email to client maybe with wiring instructions, the hacker is triggered and will step in. The bad guy will now impersonate the agent and warn that the instructions had a mistake on it or change up the instructions. The criminal does this to justify a wire transfer, maybe offering a slight discount, and then asks the buyer to send the money to a different account. Once the hackers have the money, the hacker just disappears.

The Victims of This Scam

Both buyers and sellers are victims here, and in many cases, both are left in the dark because the hacker hijacks the conversation. In other words, they take control of the emails and play both parts. This gives the hacker plenty of time to cover their tracks and get away, and in the meantime, money and time is lost for all parties involved. A wire fraud happening in the finance industry used to be a “thing,” but there are so many security protocols in place within finance making it difficult to pull off a transfer scam within the financial space.

Tips to Keep Email Fraud at Bay

These tips are for buyers, brokers, and real estate agents.

  • All email account passwords should include uppercase, lowercase, numbers and characters. Never use the same password twice—NEVER.
  • All email should have two-step authentication. This means after logging in, a one-time password is texted to the user’s mobile for account access.
  • Make sure to change all passwords for online accounts, including Wi-Fi, regularly and especially after a data breach.
  • Escrow services are your friend. There’s a ton of them. The gallery or broker will, or should, have a relationship with a trusted source.
  • Pick up the phone, and confirm every aspect of a transaction until you are blue in the face and annoying everyone involved to the point you are satisfied that the money is safe.
  • Update all of your anti-virus software.
  • When you send an invoice via email, call or text a trusted number of the recipient to double check that they got it and that they have the correct account number.
  • Urge all of your staff to remain vigilant when opening emails, and make sure that they do not click on any links or download attachments unless the correspondence has been verified by phone. If you have doubt, contact the sender by phone.

There is so much more to this, and, while I can’t solve all the world’s problems, I can at least make you cyber-security smarter and digitally literate.

Become CSI Protect Certified

If any or all of the above has left you empowered, meaning you feel you have a grip on it all, good for you. If the above was a bit overwhelming, confusing and made you feel like you have a LOT of work to do, then you need to become CSI Protect Certified. That means as a small business owner you become fully versed in Cyber Social and Identity Protection. CSI Protection Certified Agents recognize risk and know how to protect their information, their business data and their clients security.

ROBERT SICILIANO CSP, is a #1 Best Selling Amazon author, CEO of CreditParent.com, the architect of the CSI Protection certification; a Cyber Social and Identity and Personal Protection security awareness training program.

Cryptocurrency Fraud and Malware Scamming Investors

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Cryptocurrency is hot right now, and whenever something is hot, hackers pay attention. Research has recently showing that more than 10 percent of all the funds that were raised through the ICOs, initial coin offerings, simply disappeared.

CryptocurrencyIt is popular for ICO’s to be used as an early-stage investment form. So, instead of buying shares, investors buy digital tokens. However, the companies that sell these ICOs don’t have any product to give investors except a whitepaper. This whitepaper tells them how things could theoretically work, the investment scheme, but it seems, it doesn’t always happen that way.

Sometimes the Money Just Disappears

Ernest & Young took a look at over 370 ICOs. The firm found that out of the $3.7 billion raised through these offerings, about $400 million vanished. Where did it go? Research shows it went to hackers using phishing attacks.

It’s not clear if the researchers looked at companies that didn’t deliver or disappeared. For instance, one company, Tezos, pulled in about $232 million during an ICO. However, investors got nothing. That looks like fraud.

How Malware is Responsible for Missing Money

At this point, you might be wondering how these scams are happening. One way is criminal hackers using malware. Specifically, it’s Satori. Satori, which is the actual malware responsible for this, is definitely wreaking havoc with investors who are looking for a huge return. Netlab 360, a Chinese-based company, released a report recently pointing the finger at Satori, which is affecting the Claymore Miner software.

By using mining software, investors are able to obtain the cryptocurrency. However, the malware is making this impossible getting in the middle of the transaction. After the malware gets control of the software, it replaces the address of the wallet with one that is controlled by the hacker.

So, the user believes that this currency is coming into their wallet, but in reality, they are doing the work and someone else, the hacker, is getting the currency. What’s even worse is that the owners of the wallets don’t even realize this is happening unless they look at their software configuration.

In total, researchers have determined just over one Etherium coin has been hacked, so it’s not extremely profitable at this point, yet. However, there is great potential, and when it comes to cybercriminals, they will certainly find a way.

ROBERT SICILIANO CSP, is a #1 Best Selling Amazon author, CEO of CreditParent.com, the architect of the CSI Protection certification; a Cyber Social and Identity and Personal Protection security awareness training program.

What You Need to Know About Business Credit and Covid Relief

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If you are the owner of a small business owner, you might find that you occasionally have issues with your cash flow. One option you have is to open a business line of credit. There are advantages to this, of course, but it’s important that you keep some things in mind.

Business CreditUnderstand the Difference Between Secured and Unsecured

One thing you should know is that you need to know the difference between the types of credit lines. There are both secured and unsecured lines. Secured lines are those that are secured by your company’s assets. If you default, the lender now owns these assets. An unsecured line of credit does not require collateral.

Look at Fees

You also want to take a look at fees. Interest is always going to be part of a loan, but there might be other fees that you can come across. If you access your line of credit time after time, those fees will add up. You might also have some maintenance fees to deal with.

Consider Bank Drawdowns

If there are times of economic uncertainty, the lender might require borrowers to pay back the balance of their credit. They can do this because it’s in the small print, and if you sign the loan agreement, you allow them to do it.

Understand Interest Rate Variability

Most interest rates are variable, and they are based on the prime lending rate. If your interest rate rises, your payment will be higher, and you might find that it’s hard to pay it back.

Think About Insuring Your Line of Credit

You also might want to consider insuring your line of credit. This can help to cover any payments if you become ill, injured, or die.

Understand how to get the Best Line of Credit

There are many lenders giving lines of credit, so it’s important that you do your research before signing on the dotted line. You also might want to look at any borrowing limits and take a close look at the repayment terms.

Get Help from the Small Business Administration

Finally, especially during the Covid pandemic, consider looking to the Small Business Administration for help. They have a plan in place that helps you to obtain credit, though they don’t lend directly. They offer programs like Lender Match, which takes a look at your business and matches you with lenders offering lines of credit that will fit your needs.

ROBERT SICILIANO CSP, is a #1 Best Selling Amazon author, CEO of CreditParent.com, the architect of the CSI Protection certification; a Cyber Social and Identity and Personal Protection security awareness training program.

Prevent Bitcoin Fraud by Securing Your Identity

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Are you thinking about jumping onto the Bitcoin train? If so, you might be worried about security. The truth is, Bitcoin is definitely secure, but as with anything, there are bad guys out there who are ruining it for many. Bitcoin identity theft is when a criminal steals your identity and poses as you by phishing your passwords or hacking your computer. Here are some common cryptocurrency scams that can be prevented and some tips to protect yourself:

Bitcoin Private Security Keys:

What are they? A Bitcoin private key is a number only you should know, a secret number which allows bitcoins to be used in commerce, traded, exchanged etc. Bitcoin wallets contains the private keys and are mathematically related to all Bitcoin addresses generated for the wallet.

How do they work?

When a private key is entered in a wallets “transaction” window meant to move your funds from one wallet to another, the transaction is broadcast and sends the balance to a new address in another wallet. Simply, they are for spending and sending your bitcoins to anyone and anywhere.

How to get one?

This secret, alphanumeric password/number that is designed to spend and send your bitcoins to another Bitcoin address. Is a 256-bit long number which is picked randomly as soon as you make a wallet.

Protect Your Security Keys

The private key “ticket” allowing its owner spend bitcoins and like cash, they must kept secure. Private keys are usually stored on computers, and can be printed on paper.

Again, it’s so important that you protect your private security key. Remember, if someone gets this key, they can spend your currency.

Backup All Security Keys

If you are using private keys for your cyber currency, make sure that they are backed up on a offline

You Give Up Your Private Key

Another mistake that people often make is to give up your private key. Again, cyber criminals can get this information through your email or maybe over the phone. They also can hack into your computer and access your key if you have it stored there.

Preventing It

Keep your devices as secure as possible using security software and keeping your operating system updated. Maybe always store your private key off of your computer. You can write it on paper or store it on a USB drive. Make sure to keep this information locked up somewhere, like a safe or safety deposit box.

Cyber Thieves Steal Passwords

Many people use services to store their currency. However, to access these, you must have a password, and cyber thieves know this. So, they break into your email, ask your chose storage service to reset the password, and this gives them access to your currency.

Preventing It

To prevent this, make sure to use two-factor authentication for both your email account and your cyber currency storage account.  And don’t use the same password (password re-use) for any critical accounts.

The Bad Guys Start Impersonating

You also must make sure that you don’t get scammed by a bad guy impersonating a cyber currency employee. They might, for instance, contact you over the phone of via email about initial coin offerings. They ask you to send Bitcoins to them for fundraising purposes, but then promise that you will get that back with a return on that investment. Wrong. They just steal it.

Preventing It

Always confirm that you are investing in legitimate companies. Contact them directly

Keeping Your Bitcoins Safe

There are other things that you can do to keep your cyber currency safe, too:

Use a VPN for Your Transactions

When trading cryptocurrency, make sure to use a virtual private network, or VPN. These networks scramble your data so hackers, even if they access it, can’t read it.

Keep Separate Wallets

Instead of using a single wallet for all of your currency, it’s best to have at least two; a “hot” wallet, which is used for your various day to day transactions, and a “cold” wallet, which is where you store your currency. Think of it like a checking account (hot) and savings account (cold.)

Additional Security Tips

Finally, here are some additional security tips to keep all of your accounts safe:

Password Tips

  • Make sure every online account you have has a long, strong password. This should be a combination of letters, numbers, and symbols. Also, make sure that you have a unique password for every account.
  • All passwords should be 8 to 12 characters. Use both upper-case and lower-case letters, and make sure that you aren’t making it easy to guess. For instance, “hwR7os$9*” is a much better password than “IL0veD0gz.”
  • Use two-factor authentication on all of your accounts. This way, even if someone gets your password, they can’t get into your accounts unless they also have access to your cell phone.

Antivirus Tips

  • Antivirus software is required, but it’s not going to keep your devices completely safe. Yes, this software will keep the vast majority of viruses and bugs out of your system, but not all of them.
  • Make the investment and buy your antivirus software instead of using a free one. The paid versions come with other services like firewalls and antispyware. This helps to keep your information even safer.

Updates to Your System

Finally, make sure that you are always updating your computers, tablets, and smart phones. Yes, those pop-ups are annoying, but try to resist clicking the “remind me later” option. Many times, these updates contain important security updates that protect your device and data from becoming vulnerable. It’s also a good idea to set up automatic installation of these, so you never have to worry about it.

ROBERT SICILIANO CSP, is a #1 Best Selling Amazon author, CEO of CreditParent.com, the architect of the CSI Protection certification; a Cyber Social and Identity and Personal Protection security awareness training program.