Losses due to business email compromise schemes increased to $301 million per month, according to the latest report from the Financial Crimes Enforcement Network (FinCEN).
This is increase from $110 million per month in 2016. FinCEN reported that overall, the number of BEC suspicious activity reports (SARs) increased to 1,100 per month last year, which was up from 500 reported per month in 2016.
Demotech, Inc. recently affirmed the financial stability ratings (FSR) of A, Exceptional, assigned to both Agents National Title Insurance Co. (ANTIC) and Security Title Guarantee Corp. of Baltimore. Demotech said ANTIC’s and Security Title’s FSR level are “assigned...
The year has so far been a promising one for would-be home buyers. The seemingly unending rise in home prices started to slow and mortgage rates dipped to unexpected lows. Both were good news for Millennials who—despite the never-settle-down stereotype—are yearning to become homeowners.
Still, despite suggestions that a buyer’s market might be on the horizon, that dream has yet to be realized. “First-time buyers can expect less competition than last year, but it’s still very much a seller’s market in most places,” says Ralph McLaughlin, deputy chief economist for property data firm CoreLogic.
ALTA has learned that title and settlement company usernames and passwords have been allegedly acquired using a phishing campaign.
A person claiming to be an ethical hacker contacted ALTA via Twitter and provided files that contain approximately 600 data entries consisting of domain identification, IP addresses, usernames and passwords. The data contains information for non-title companies as well.
In 2018, the U.S. Treasury offered several recommendations to improve the electronic closing and recording process. Among them, the Treasury said that recording jurisdictions that don’t recognize and accept electronic records should implement the necessary technology updates to process and record these documents and pursue digitization of existing property records
In 2018, there were at least 11,300 victims of real estate wire fraud who lost a total of nearly $150 million. According to the FBI, this number is even higher because only a small percentage of all wire fraud incidents is reported.