Data Security: Wire Fraud

Cheryl Knowlton:             Hi, everybody. Cheryl Knowlton and Clay Johnson.

Clay Johnson:                    Hello.

Cheryl Knowlton:             Back for Episode 3 of Data Security. So let’s talk about this national epidemic that has really caught fire in the last especially a few months.

Clay Johnson:                    Oh, it’s been crazy.

Cheryl Knowlton:             Absolutely. Of wire security and wire fraud specifically.

Clay Johnson:                    Well, there are some big numbers. When you look at it, in fact, when they just broke down the Utah numbers, I was shocked at how much has been taken out of the system.

Cheryl Knowlton:             It’s frightening.

Clay Johnson:                    It is frightening. So you know, we put some really specific safeguards in place to protect against that. Most important, making sure that that wire information is only going to the title company, the title company is getting it directly to the client who is wiring that, and that there are some safeguards and verifications in place to protect that. But I know on your end, there’s also some stuff on the real estate side of the gun, which is really good as well.

Cheryl Knowlton:             Absolutely. So sing the praises of the UAR Forms Committee. Utah agents, you’ve got to know and make sure you’re using the new wire fraud disclosure, whether you represent the buyer or the seller. We’re not going to go through the form, because we’re trying to keep this under two minutes, right? But make certain you identify the form. Go on the MLS or go to Utah Association of Realtors at Login. Find the form, familiarize yourself with it, and use it on every single transaction.

Clay Johnson:                    Very important. Yes.

Cheryl Knowlton:             Absolutely. Okay, we’ll talk about more about this in the next episode. We’ll see you at Episode 4.

Clay Johnson:                    Bye-bye.