M id A tlantic Real Estate Journal — Owners, Developers & Managers— February 18 - March 17, 2022 — 13C A sk T he E xpert
www.marej.com
Fran Turchi, COO and co-owner of National Integrity Title Agency No, cybercrime is not new nor is the importance of cyber security. So, after all these years, why is it still so challenging?
T
he short answer – it is constantly evolving. As soon as one threat
of our representatives has spoken with the company to reconfirm the directions and
number and frequency with the use of bank checks. Today, a growing threat is
can go a long way in protecting against this threat and we are constantly adding new vendors’ specific information only after properly confirmed and vetted. So, is there a cure for these se- curity issues? Sadly, it seems to be a never-ending cycle as hack- ers continuously search out new “back doors” and schemes to access personal information, divert financial transfers and devastate both individuals and businesses. The best advice is to work with companies you can trust and who have safeguards in place to protect against these evolving threats.
Fran Turchi is a title in- dustry expert and began her career in 1985. She is the chief operating officer and co-owner of National Integrity Title Agency headquartered in Marlton, New Jersey. She and her partner, George E. Duff - ield Sr. acquired the agency in 2015 with one goal – to transform the title insurance industry. A well-respected member of the real estate and title insurance industries, Fran has built a reputation of empowerment, collaboration and an unwavering commit- ment to hard work. MAREJ
is contained, those looking to disrupt the system have been hunting for a newway to do harm. There may be no better analogy than
At National Integrity Title Agency, we are fortunate to be a size in which we can be nimble and adapt quickly to new threats yet have the stability and technology to proactively invest in proactive action.
written wiring instructions are never accepted on their face. Another protocol adopted is a shift away from wiring funds. Clearly such transactions will never fully go away, however we have tried to reduce the
the interception and modifica - tion of documents, such as loan payoff statements. Criminals, yes that’s what they are, get a hold of these important docu- ments and modify the wiring instructions. Our database
Fran Turchi
to a virus – a word we’ve heard far too many times over the past two years. Yes, cyber- crime can be viewed like the flu. Every year there is a new strain, and the same vaccina- tion will not have the impact in preventing it. Similarly, once a safeguard protects against one threat, hackers find another novel way to wreak havoc on the systems in place. Day in and day out compa- nies no matter the industry are faced with this challenge, spending countless hours and money to protect clients, staff and the company itself. When it comes to title insurance, millions of dollars are trans- acted on any given day, so money-grabbing and fake wir- ing instructions are a constant, common threat yet one that constantly changes. My part- ner one time said it best… Think of all the private data stored, confidential informa - tion transferred, and financial transactions conducted with a click of the mouse. The idea that there are cybercriminals constantly lurking and how even the smallest breach can literally shut down a business. Being a regional privately owned agency is certainly a plus and while large national insurance firms clearly have millions of dollars to spend, money alone is not enough. It comes down to trust and the speed with which one can react since time is of the essence. At National Integrity Title Agen- cy, we are fortunate to be a size in which we can be nimble and adapt quickly to new threats yet have the stability and tech- nology to proactively invest in proactive action. We also work with a local IT firm so when a problem arises, we can act and adapt quickly. Just some of the safeguards in place include building our own database of approved wir- ing instructions that have been checked and double checked. For those institutions we’ve not worked with before, no funds are wired until one
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