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13
COMBATING
CYBER-THREATS
After some high-profile ransomware
incidents within the real estate industry,
CoreLogic discussed how businesses can
protect themselves from attacks. Ransomware,
CoreLogic said, is malware (malicious
software) that encrypts the files on your
network or otherwise blocks access to them.
e attacker will prompt users to pay a
ransom to access their files, but experts urge
victims to not pay the ransom, as attackers
may unencrypt or allow access to the files as
a result.
CoreLogic states that to avoid
ransomware, companies need to train their
employees to know how to identify phishing
emails and refrain from clicking links from
outside or unknown sources.
e most important thing a company can
do to limit the spread of ransomware between
computers on their network is to properly
use a firewall. A well-designed network will
include a firewall which limits traffic between
areas of different security sensitivity, and the
firewall systems may be able to detect when
malware tries to move from computer to
computer through it.
Ransomware is not the only type of
fraud impacting real estate professionals and
consumers. According to the Coalition to
Stop Real Estate Wire Fraud, the industry is
suffering from an epidemic of real estate wire
fraud. is is a sophisticated scam targeting
individuals making wire transfer payments
during the homebuying process. FBI data
reveals that 11,300 victims lost a combined
$149 million due to real estate wire fraud in
2018 alone, representing a 166% increase in the
total money lost compared to 2017.
According to the FBI, only an estimated
12-15% of all fraud is reported, and the
Coalition notes that the best way to combat
these statistics is through educating the
homebuyer. Homebuyers, particularly first-
time buyers, are the ones who are the most at
risk of wire transfer fraud.
