Hackers are constantly coming up with new ways to commit fraud as it relates to real estate agents and their clients. The issue of securing who can access a transaction management system is becoming more important. Hackers use phishing emails to gain login credentials to such systems and identify target transactions along with client information. This allows the offenders to request wire transfers at the appropriate time to an account that the hacker can access. This security issue is not surprising given the fact that so many transactions take place online. In addition, communication commonly takes place through email or unsecure messaging further allowing hackers to gain private login information. Therefore, partial responsibility falls on the information system login to provide necessary security to prevent such fraudulent behavior from occurring. Segregation of duties and restricted access can be two methods to further provide security to a transaction management system like the ones hackers are exploiting.
Citation: “The Latest Evolution of Real Estate Wire Fraud.” RISMedia. N.p., 13 Jan. 2017. Web. 15 Jan. 2017