Nationwide, fraud and cybercrime continue to escalate. In our recent research, Americans shared that 1 in 3 have been victims of identity theft and 55% have been victims of scams. Unfortunately, incidents are trending upward, which is impacting commercial real estate transactions including 1031 Exchanges. Technology and tactics used by cybercriminals to access financial, corporate and personal data, particularly relating to real estate transactions, continues to evolve. Bottom line, any of your data and transactions may be at risk.
Many individuals and businesses underestimate the threat online fraud poses to their profitability, cash flow and reputation. Do not leave your data – and your profits – open to cyber criminals. Take a few simple steps towards keeping your computers, your information and business secure. Reduce your vulnerability and you reduce your threat.
Tips on Staying Protected from Scams
- SECURE your devices and accounts to help safeguard your information
- Bolster Your Password Protocol: create strong, unique passwords and use multi-factor authentication
- Protect Your Home Network – read How To Secure Your Home Wi-Fi Network
- Recognize and Report Phishing or to report that you’ve been a victim by filing a complaint with the FBI’s Internet Crime Complaint Center (IC3)
- UPDATES – Keep your security software, devices and software up to date
- Report Identity Theft if your accounts or personal information have been compromised
- For your 1031 Exchanges, choose a Qualified Intermediary (QI) that is informed and vigilant and one that has proactive protections in place to thwart cybercriminals.
A Qualified Intermediary (QI) holds your funds during the 1031 Exchange. However surprisingly, there are no Federal requirements regarding the security that QIs have in place for the monies they are holding for their customers. With IPX1031 as your QI, rest assured that protective measures are in place to safeguard your real estate funds:
Safeguard Your Real Estate Funds with IPX1031
- Security measures: IPX1031 implements a number of security measures, including the use of a secure electronic document-signing platform, to help eliminate potential fraudulent activity from those involved in an exchange transaction.
- Financial Assurance: IPX1031 is a Fidelity National Financial company (NYSE:FNF). As part of a Fortune 500 Company, IPX1031 provides sophisticated technologies to protect your funds that are backed by a 100 Million dollar Fidelity Bond and a separate 50 Million dollar Written Performance Guaranty. Click here to see our full umbrella of coverage.
Cybercrime is evolving and will continue to be an ongoing threat. Ask your QI about their cybercrime prevention policies and vigilance to secure all of their customers’ Exchange funds. Your funds depend on it.
Read More Stories Related to Cybercrime
Safeguarding Your 1031 Exchange Transactions: Navigating Cyber Risks in Real Estate
Cyber Fraud – an Emerging and Worsening Threat
Are Cybercriminals Targeting Your 1031 Funds?
Scam Struggle: 1 in 3 Americans Victims of Identity Theft
Fraud and Identity Theft: Cities and States Hit Hardest by Scams
Your 1031 Funds Are Safe
Simple Steps to Boost Your CyberSecurity
Safety and Security for Exchangers
FTC’s Online Privacy and Security page
The FBI’s “Addressing Threats to the Nation’s Cybersecurity” brochure
Symantec’s How to Protect Yourself Against Cybercrime
