In a letter sent to the Consumer Financial Protection Bureauthis week, the national trade association of the land title insurance industry, the American Land Title Association(ALTA) asks the agency to warn the public of the imminent danger of hacking.
This came a year after the Federal Trade Commission and the National Association of Realtor issued a warning addressing consumers to be wary of real estate funds phishing scams that has started to emerge with the logarithmic digitization of consumer data.
A New Age Dilemma
As more and more people are turning into the web to get their needs met, more people are also in increased danger of information breach. Hackers who exploit flaws in networks are able to harbor consumer information which may range from financial data to sensitive medical records.
These hackers mostly pose as real estate agents or any other professional who offers help to guide you through the mortgageacquisition process. Typically, when they get hold of sensitive financial data, they may use it for fraudulent deals and the unknowing person’s money can whip from thousands to cents in a matter of seconds.
In the last years, a pattern of these phishing scams has emerged yet despite the warnings, many are still falling victims to the atrocities. This is the concern that the ALTA hopes the CFPB can do something about.
In their request, ALTA suggested that the warning should include questions as guidelines that will help the consumers identify if the lenders have the means in place to protect their hard-earned money.
ALTA believes that the consumer education is the best way for the consumers to defend themselves from the hacking attacks.
“With the spring home buying season underway, it’s vital to continue raising awareness about these schemes,” ALTA chief executive officer Michelle Korsmo said.