TECH TALK
Four Billing, Payment Security Tips For Cyber Safety BY BRENDA MAGRI | SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL
ome sales this year are up by eye-popping percentages – and so are the accompanying mortgages. This boom in home sales and refinancing in response to record low mortgage rates creates new opportunities, but also new threats. The pandemic has seismically shifted consumer preferences to online platforms and technology in place of in-person interactions, and the real
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estate and mortgage industries are moving quickly to expand the availability of remote closings, including virtual appraisals and remote online notarizations (RONs). As more states move to accommodate these digital-first models, mortgage professionals are adapting to new ways of working. And at every digital touchpoint, the stakes are higher for mortgage companies, brokers and
other industry professionals as they guard against new cybersecurity threats. While online and mobile technology has helped keep life, business – and mortgages – moving forward, there are inevitably bad actors looking to exploit this crisis to commit wire fraud and other cybercrimes. Now, mortgage bankers and brokers, like other professionals who handle sensitive consumer data, need to heighten security around financial, billing and payment systems. Here is more on the current cybersecurity landscape and four tips for mortgage professionals to better manage billing and payment security in the age of COVID-19.
NEW OPPORTUNITIES FOR CYBERATTACKS Across all business sectors, there is a threat of new cyberattacks linked to the COVID-19 crisis. This presents new financial risks for mortgage professionals and their clients, as both might be at higher risk for fraudulent activity.
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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
