Security Issues with E-Closing Electronic Notary Services

Signers performing remote online notarization through the BlueNotary platform are identified using the most advanced identification methods commercially available.

It’s a bit of a catch-22. As companies are forced to move online to compete they are also forced to defend against fraudsters, clever hackers, etc. Such is the nature of the beast that is the digital era.

That is why it is critical to use the best cybersecurity possible. Especially when you are talking about YOUR business, finance, and real estate. And since Covid-19, the FBI is seeing a 300% increase in reported cybercrime.

Mortgage and e-closing companies are a juicy target for cybercriminals to attack due to the high value of the transactions and their private client info. While 95% of of cybersecurity breaches are due to human error, much of this information that is getting out is being sold on the dark web on the sites that have risen out of The Silk Road’s Ashes.

One could argue the state of cybersecurity importance is going parabolic in this new modern technological paradigm.

Cyber Insurance Loss Ratios are becoming increasingly unsustainable. Source: Steph Smith

Personally this does not look like a graph that I want to be very aware of as I move by business online to compete with the rest of the industry. Establishing peace of mind here will be essential in establishing your business.

How Can I Protect Myself?

Cybersecurity firm Sophos Lead Research Scientist Chester Wisniewski had this to say about the state of cybersecurity affairs, “Consumers are largely in the dark about cybersecurity…”

The findings show that many consumers are woefully uninformed about threats like server attacks and ransomware. This shows how important it is for e-closing platforms to educate their clients on the importance of cybersecurity.

The number one way in which cyber-crime is executed is through phishing and identity theft. This is done by tricking you to login to a fake site or convincing you to download attachments from their emails that contain malicious malware. It’s important to be aware that the internet in many ways is still the wild wild west.

I have witnessed two different friends lose thousands of dollars through downloading the wrong file from a foul acting party. The more you use the internet, the more likely you are to run into hackers. In a similar way, the more parties you bring into a financial or electronic transaction, the more likely it is for there to be cybersecurity breachers.

Is Doing Mortgage Deals Online Safe?

Mortgage banks show no signs of stopping when it comes to transferring their services online. It is a lot more like a race than a waltz. This means the juice must be worth the squeeze.

Cybercrime tends to look for the easiest targets it can find. Realizing the importance of security for the industry’s existence, most mortgage companies have invested enough into their cybersecurity infrastructure.

However, the smaller the company or firm that you have or are working with, the more you need to be aware of the team’s integrity. The best way to keep yourself safe is to only download attachments from emails that are from the official mortgages domain address.

For example, say you are dealing with a really cool company called BlueTitle. It’s a great name for a title company. You really like their style and are ready to close on your new house from them. You see an email in your inbox that comes from:

“@bluetitle.co”

But the website of the company your broker provided for you was “@bluetitle.us”…..

so you ignore the sketchy looking email and banish it to spam/trash folder. And you never download their nefarious virus.

If you have your security set in place, you are simply able to do business quicker.

Your customer’s safety is our highest priority. It’s one of our specialties. Your customers e-Closing and signing experience will be smooth like velvet.

If your business is interested the most cutting edge security in e-Closing and RON solutions, set up a demo today. We’ll give you the details.