Prepare Your Brokerage and
Evaluate Closing Partners
Brokers should establish written procedures for preventing and responding to fraud, train agents and staff on those procedures, and explain fraud risks and money-transfer procedures to clients early in the transaction.
Clients should know that a familiar voice, caller ID, email address, or text message is not proof of identity. Before acting on any communication involving money, account information, identity, or changes to transaction instructions, they should stop and independently verify the request through a trusted contact method.
Before recommending or working with a title company, escrow company, settlement provider, or closing attorney, consider asking:
- What technology and procedures do you use to prevent fraud?
- How do you verify identities, authority to act, bank-account information, and payment instructions?
- How do you…
CLICK HERE to read the FULL Protecting Your Clients and Your Business From Fraud article.
HOW TO SPOT A “RED FLAG” (THE BEHAVIORAL AUDIT)
Keep an eye out for these behavioral shifts in your staff:
Refusal to take leave: Afraid someone will find their “adjustments.”
Unexplained wealth: Buying luxury items that don’t match their known salary.
Working odd hours: Preferring to work alone late at night when no one is watching the system.
“Gatekeeper” behavior: Becoming overly defensive or angry when someone asks to see their records.