Hackers are targeting small mortgage companies and Real Estate Agents because they typically lack email security. Once an email account is hacked, they can monitor the accounts for months. They will Identify which of your borrowers are in the loan process, the name of the title company and the closing date. From there it only takes one email from the loan officer, processor, closing agent or Real Estate agent and the borrower can easily be defrauded. Even if you’re not the one that typically send wire instructions the borrower will believe that it’s you who is asking them to make a change the routing number and to send the funds as soon as possible.

Watch a CNBC news report about mortgage companies who have been infiltrated.