Preparing for new schemes and the impact of escrow theft

Escrow theft, be it from a trusted employee or a cyber fraudster who hacked into your computer system, has been a fear of the industry for a long time. While agents watch for these schemes, new ones constantly evolve, requiring increased diligence from everyone handling client money. During the National Settlement Services Summit, four presenters familiar with the trends —including a supervisor from the FBI — shared insight into what new schemes they are seeing, controls and procedures to protect your company from falling victim to these schemes, and the reality of what could happen should you become a victim of these schemes.