Vacant Land Fraud and Cyber Fraud Prevention Guidelines

This guide outlines various fraudulent schemes related to vacant land transactions and cyber fraud, specifically focusing on wire fraud through Business Email Compromise (BEC). It details characteristics or 'red flags' to identify potential scams, such as properties being sold quickly without justification or suspicious email communications. The document provides specific strategies for protecting against these frauds, including sending confirmatory letters to property owners and utilizing identity verification platforms. It also discusses the importance of following strict procedures for confirming wire transfer instructions and the necessity of having a Continuation of Business Plan in the event of a fraud incident. Furthermore, it emphasizes the need for businesses to have appropriate cyber-fraud liability insurance that covers wire fraud and social engineering attacks. The guide serves as a comprehensive resource for title companies and real estate professionals to mitigate risks associated with these fraudulent activities.