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Brokers, Are You Sure That Wire Transfer Request Is Legitimate?

WASHINGTON, DC--Last year it became clear that cyber thieves were raiding the escrow accounts of residential home buyers, prompting OneLogin's Al Sargent to predict that commercial brokers might be next.

By Erika Morphy | erikamorphy | Updated on January 09, 2017

OneLogin's Al Sargent OneLogin’s Al Sargent

WASHINGTON, DC–Cybercrime has become an unfortunate fact of life for individuals, companies and — as we now know following the release of the declassified report by US intelligence agencies  –  political organizations and politicians. Even the world’s Central Banks are not immune to such malfeasance. In February of 2016 hackers broke into the Central Bank of Bangladesh and stole $81 million. Last month Reuters exclusively reported that since that heist cyber attackers have continued to attack the global banking system and in some cases have been successful in stealing funds.

There hasn’t been — that we know of — a major cyber theft from a commercial real estate broker or fund. But unless a company is bound by regulation to disclose such a loss, it is highly unlikely that it would do so.

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