Cyber Fraud – an Emerging and Worsening Threat
Take Key Steps to Combat It
Simply put, cyber fraud is when credit and financial information is stolen online by a hacker and used in a criminal manner. What’s alarming is the rapid growth of detected cyber fraud incidents, as well as the financial costs associated with these events. This emerging threat has the potential to cause serious damage.
“Cybercrime is a clear, present, and permanent danger. While it’s a permanent condition, however, the actors, threats, and techniques are very dynamic.” — Tom Ridge, CEO of Ridge Global and first secretary of the US Department of Homeland Security.
The long known scams of phishing emails, claims of lottery winnings, an inheritance from a long lost relative, or forwarding funds to Nigeria are consistently elevating to new and more deviant levels. More and more criminals are exploiting the speed, convenience and anonymity of the Internet. The fraudsters are getting smarter and bolder and fraud attempts are approached with increased vigor. As an investor or someone directly or indirectly involved in 1031 Exchanges and real estate transactions, being aware and attentive is critically important to you and your clients’ funds and business interests.
For the many frauds that have succeeded, there have been many more near misses that have been caught before funds could be disbursed and potentially never retrieved. IPX1031® is aware of a number of such cyber fraud attempts. These attempts generally try to redirect (and ultimately steal) deposits, purchase funds, closing proceeds or commissions.
At IPX1031® we take these threats very seriously. Protection of investors’ hard earned funds, potentially their entire life savings – is of the upmost importance to us. As part of Fidelity National Financial, we have access to secure systems and industry professionals that may not be available to smaller entities. The security of your information is extremely important in protecting your assets. When you want the best, expect it from IPX1031®, a leader in what matters – safety, security and expertise.
Many individuals and businesses underestimate the threat online fraud poses to their profitability, cash flow and reputation. So don’t leave your data – and your profits – open to cyber criminals. Take some simple steps towards keeping your computers, your information and business secure. Reduce your vulnerability and you reduce your threat.
NCA’s Online Safety Guidance for the Public top tips: