17 minute read
YOURSELF FROM CYBER CRIMINALS p
Don't Fall for Phishy Stories
– Protecting Yourself from Cyber Criminals
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BY MICHAEL KRONE, ESQ.
When “Shark Tank” star Barbara Corcoran, one of the most accomplished businesswomen in the country, revealed that her business almost lost $388,000 to an email scam, it became obvious that even the most business savvy amongst us are at risk. With over 85% of all cybercrime throughout the world coming through email, it is now more important than ever that every sector of business be aware of the dangers and risks in transmitting data through that medium. However, it’s not just email we need to be concerned with – it's voice phishing (“Vishing”) and text phishing (“Smishing”) as well as fax scams that cause us to worry that every form of communication is vulnerable.
In the real estate sales industry, it is most acute because hundreds of thousands of Realtors® and attorneys transact trillions of dollars in real estate sales per year. Most Realtors® and attorneys are small businesspeople without the sophisticated tools to catch these scams that large businesses can afford. Yet, even the credit bureau giant Equifax was hacked, which just goes to show that any business is vulnerable no matter how sophisticated their systems are. What are we as an industry looking to protect from these online hackers? Primarily it is our customer’s personal identifiable financial information (PIFI) as well as our own and that of our firm. This includes credit account information, social security numbers, bank account/check information, driver’s license numbers, and pictures. Protection of this information means securing our business future and our viability in the industry. Allowing this data to be unprotected and available to be hacked or stolen leaves us liable for the consequential damages that such theft can create. The major hurdle we face in our industry today in dealing with Cyber Crime and the constant attacks on our technology and data bases is our struggle to establish identity theft prevention protocols designed to detect warning signs or “Red Flags.” In Massachusetts, we are mandated to have a WISP (Written Information Security Program) policy to protect PIFI. We must also be sure that any other parties we bring into the transaction (attorneys, lenders, etc.) are also following standard security measures. First and foremost, you need to have secure email. Hotmail, AOL, or other consumer email platforms do not carry the security protections that business-grade email systems, such as Microsoft 365, can provide. You must be able to send data in an encrypted format so that it can’t be viewed if a hacker captures your email. Such things as emailing a deposit check without encryption can lead to hackers obtaining the valuable information contained on that check. By encrypting the check as an attachment to the
email, the data on the check is protected. Adobe and other companies have software to easily encrypt a document with password protection. Your laptop and computer must have business-grade spam filters, antivirus and malware protection. We must all have secure and constant backup systems. Ransomware, a type of malicious software designed to block access to a computer system until a sum of money is paid, cannot debilitate you if your data is backed up securely outside of your computer. Providers such as Carbonite and iCloud can provide constant backup each time your computer, laptop or phone is connected to the Internet. If you backup constantly and a ransomware or virus attack should befall you, your data is generally safe and can be downloaded onto a new computer from the Cloud. There is no way to protect your data and systems from every kind of attack. However, that doesn’t mean you should give up. To the contrary, install and engage business-grade protection and establish simple rules
to protect your data and your business. Set up email rules that will alert you that an email may be fraudulent. Establish protocols to verify the legitimacy of wiring instructions. Put in place rules that can protect you from Vishing and Smishing – such as never totally trusting a text or phone call from someone you do not know or from someone seeking protected data or claiming to be from the IRS or a credit card company. As Ronald Regan once said “trust but verify.” That is the rule we all need to follow today – trust to some degree that what you are receiving is from a legitimate source, but verify if there is any inkling that it might not be. Think twice before clicking on a link or attachment in an email. Verify by phone all wiring instructions and bank account information given to you. Finally, be smart – understand that our industry is under attack and that you could be next. to protect your data and your business. Set up email rules that will alert you that an email may be fraudulent. Establish protocols to verify the legitimacy of wiring instructions. Put in place rules that can protect you from Vishing and Smishing – such as never totally trusting a text or phone call from someone you do not know or from someone seeking protected data or claiming to be from the IRS or a credit card company. As Ronald Regan once said “trust but verify.” That is the rule we all need to follow today – trust to some degree that what you are receiving is from a legitimate source, but verify if there is any inkling that it might not be. Think twice before clicking on a link or attachment in an email. Verify by phone all wiring instructions and bank account information given to you. Finally, be smart – understand that our industry is under attack and that you could be next.
R E A LT O R ® VIEWS
{president’s message}
Moving Forward
BY KURT THOMPSON
Homeownership is a dream for many people. The idea of owning something that is entirely yours that YOU earned is a rewarding feeling. Realtors ® get the privilege of helping make that dream become a reality for many people. No matter where you are at in your career as a Realtor ® , I challenge you to work with the same excitement and passion that you did when you first started your career.
Now that we are just about halfway through the year, it is a good time to assess where you are currently and set goals for the second half of the year. Maybe you created goals at the beginning of 2020. Take the time now to reflect on those goals. What have you achieved? What would you like to continue working towards? I find it is helpful to handwrite my goals and to take the time to really consider what they mean to me and what it’s going to take to accomplish them. The first half of 2020 proved to be difficult, battling COVID-19 pushed us all into uncharted waters, but we did what we know best and persevered. If this pandemic taught us one thing, it’s to continue moving forward. Here are three steps you can take to keep yourself on track and continue moving forward.
1.Continue being there for each other.
There comes a point in each of our lives where we will need help. Seeking help from others is not a sign of weakness, in fact I think it is the opposite and shows great strength. I encourage you all to lean on each other when necessary. The Realtor ® community is unique as we truly are a group of people willing to go above and beyond, not only for our clients, but also for our fellow Realtors ® .
2. Challenge yourself to learn new things.
No matter how long you have been a Realtor ® , there is always more to learn. If you’re a new Realtor ® , look to more experienced Realtors ® for advice, tips and tricks. If you’re an older Realtor ® , look to the younger, newer Realtors ® for what’s new in the industry. None of us were quite prepared for COVID-19 and what it would mean for us as Realtors ® . It is experiences like these that make us stronger, they teach us how to think outside the box and work towards common goals.
3. Go the extra mile
The impression you leave on your clients can mean a lot for your career. If you leave a good impression, they’re more likely to refer you to their friends and family, or better yet, use you as their Realtor ® for a second time when it comes time to buy or sell again. For many people, buying a home
is the biggest purchase they will ever make. It’s important that your client feels comfortable with you. Small gestures, such as sending out birthday or holiday cards, can go a long way. Add a personal touch like sending flowers on closing day. These types of small touches can leave a lasting impression. I encourage you all to reflect on what this difficult time may have taught you. Many of us developed skills we never had before. Our communication had to be better than ever before, and we had to put the safety and well-being of others above our own. These are small sacrifices that made a big impact and they are things we can carry with us into the second half of the year. I hope we can all say we have learned something from this and in the end, we can say it has made our Realtor ® community that much stronger!
Introduction
The bill is introduced in one of the houses of Congress, the Senate or the House of Representatives.
Committee
The bill is referred to committee. If not approved, the house can send the bill back to committee or abandon it.
If there are differences in the two houses' bills, those differences must be worked out for the final bill. If the vote passes, it goes to the other house where the process is repeated. If approved, it's debated and voted upon by the entire house.
If the bill is approved, it goes to the president.
The president may veto the bill.
If vetoed, both houses have three options.
• Vote to override the president's veto. • Modify the bill to the president's liking. • Let the bill die.
For the past 34 years, hundreds of people gather annually at the State House on Beacon Hill to lobby for increased housing production. Join us on June 16, 2020 to participate in the 35th annual Margaret C. Carlson Realtor ® Day on Beacon Hill.
This annual event gives Realtors ® the opportunity to have conversations with their legislators about important issues impacting housing. The event is an effort to discuss ways to increase housing production to help combat the on-going low inventory issue in the state.
Realtors ® will meet with their elected officials to discuss several issues. MAR is in support of the following:
Housing Production: An Act to promote housing choices provides incentives, rewards, and technical assistance to cities and towns to encourage and empower municipalities to plan and build the additional housing that the Commonwealth needs to continue to thrive.
Expanding Homeownership Opportunities: An Act authorizing the establishment of first-time homebuyer savings accounts permits future home buyers to deposit up to $5,000 per year into a First -Time Homebuyer Savings Account and then claim that contribution as a deduction on their income tax.
Continuing Education: An Act further regulating the continuing education requirements for real estate brokers and salespersons enhances the Real Estate Board’s ability to self-govern Realtor ® continuing education.
Climate Resiliency: An Act relative to GreenWorks creates a bonding program to fund climate resiliency programs in the Commonwealth.
On the other end, MAR will be opposing the following issues:
Real Estate Transfer Taxes: A tax which would authorize the creation of a new transfer tax on the sale of property in a municipality.
Mandatory Energy Scoring and Audits: These bills seek to require sellers or their agents to perform a mandatory energy audit prior to listing a home for sale and disclose to any prospective buyer the information in the audit at the time of the listing.
We look forward to seeing you on Beacon Hill on the 16th!
*Please note: The information above is accurate at the time of printing and events are subject to changes or cancellations related to COVID-19.*
Realtor ® Party Training On March 4, roughly 50 current and future Realtor® Party leaders met at the Hilton Garden Inn in Waltham to discuss ideas about the Realtor® Party. Keynote Speaker, 2020 Realtor® Party Member Involvement Liasion Sara Lipnitz of Birmingham, Michigan, spoke about the importance of getting involved and why every investment matters. Those in attendance discussed future RPAC events, how to increase participation, political fundraising compliance in Massachusetts, and grants, among other things. The event wrapped up with interactive roundtables covering topics such as making the “ask” and overcoming objections, RPAC disbursements, increasing RPAC participation, becoming a major investor, and NAR grants and community advocacy. The Realtor® Party is an alliance of Realtors® and their Realtor® Associations working to protect and promote homeownership and property investment. The Realtor® Party speaks with one voice to advance candidates and public policies that build strong communities and promote a vibrant business environment. For more information, go to: https://www.nar.realtor/political-advocacy
Realtor ® members gather at Realtor ® Party Training at the Hilton Garden Inn in Waltham, MA.
CALENDAR
June 10 & 17 GRI 101: Skills for Success (CE-2)
MAR HQ, 333 Wyman Street, Waltham, MA
Students learn to build a real estate business, acquire and service a listing, and market with technology.
HAVE YOU SUBSCRIBED TO OUR SIDEBAR PODCAST YET?
List of Sidebar Episodes:
■ HUD Update on Assistance Animals
■ Smart Homes & Wiretapping
■ Short Term Rentals
■ Real Estate Business Entities
■ Agency
■ More on Assistance Animals
■ Marijuana
■ Teams
■ Stigmatized Properties
Stay up to date with all the latest questions coming into our legal hotline with the Sidebar Podcast. To subscribe to, go to bit.ly/marpodcasts. You can also go to marealtor.com/pod for additional show notes. Happy listening!
Participate in the 2020 Census
The census is important for Realtors® because it gives businesses and communities around the country more resources. Results from the census help determine how federal funding is distributed into states and communities. It can help aid hospitals, fire departments, schools, roads, and highways, among many other aspects of your community. The results also determine how many seats in Congress each state gets. The United States has counted its population every ten years since 1790 and is mandated to do so by the U.S. Constitution in Article 1, Section 2. To participate in the Census, go to 2020census.gov. Be sure to remind your clients and fellow Realtors® to participate as well.
Member Benefit Spotlight
BY SABRINA LAPOINTE
Data Breach & Cyber Liability Insurance
It’s Monday morning, you fire up your laptop to get started on the busy week ahead when you notice a suspicious email in your inbox asking you to open an attachment. You feel uneasy and decide to notify your technology information department about the email. Your proactive thinking was key, as the IT department was able to resolve the issue before any damage was caused. Unfortunately, there are many cases where a virus or malware was spread through the opening of that attachment. It’s always important to err on the side of caution when it comes to potentially dangerous emails. It’s more important than ever to protect your business against cyber-attacks or a data breach. As Realtors®, you know you have a responsibility to keep your clients and their information safe. Having cyber liability insurance helps cover your business against the compromise of sensitive customer information such as social security numbers, credit card numbers, account numbers, driver’s license numbers and health records. MAR members now have access to a valuable cyber insurance program designed to help real estate professional mitigate and minimize the devastating effects of a cyber-attack or data breach. 360° CoveragePros allows MAR members to qualify for special competitive and affordable rates. Members have access to one of the best cyber insurance plans, offering the most comprehensive coverage options available to businesses of all sizes. For more information go to 360coveragepros.com/marealtor
Our down payment assistance is now helping more buyers than ever!
Up to 5% of the purchase price or $15,000, whichever is less for qualified borrowers.
LEARN MORE
www.masshousing.com
COUNT ON PLUS PROTECTION
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REALTOR® associations?
And merit reviews like this? “The best E&O insurer!” - Gillespie Realty LLC
Contact your MA representative, Stephanie Bates, to compare today or visit pearlinsurance.com/MARplus.
800.894.7607 | stephanie.bates@pearlinsurance.com
Enhancing Commercial Aspects of MLSPIN
BY PAUL YORKIS, 2020 President, Realtors ® Commercial Alliance of Massachusetts
The officers and board of directors of the Realtors ® Commercial Alliance of Massachusetts (RCAMA) is actively working with MLS PIN to explore how to enhance the commercial aspects of MLS PIN which will also enhance MLS PIN listings in the Realtors ® Property Resource (RPR) platform.
This exploration, if implemented, will greatly assist RCAMA member clients by providing their listing information to the nationwide commercial Realtor ® community. Enhancing the information provided to MLS PIN subscribers and the nationwide RPR commercial users will provide our clients with a service that is only available to Realtors ® . This Red R benefit will provide a significant benefit to our clients. We will continue to keep you informed as we continue to work in partnership with MLS PIN to provide our members with the best possible service. RCAMA has two representatives of the Massachusetts Association of Realtors ® (MAR) Forms Content Advisory Committee. In the coming months the committee will be reviewing additional forms that may be included in the Zipforms MAR platform enhancing the resources
for commercial practitioners. The forms being reviewed both by the committee and MAR counsel include a sample letter of intent, non-disclosure agreement, and confidentiality agreement. Our responsibility to our clients, buyers, and sellers, is to provide the best possible and most accurate representation. I practice what I call defensive real estate. When in doubt, I check. When I check, I get answers in writing. I frequent many town halls verifying information that may be provided by an owner, board of assessors, or other approval agency. At times I have even visited a registry of deeds website and on occasion sought face-to-face assistance from registry of deeds personal. I have found almost every town hall staff member very helpful in answering my questions. I have also called the MAR legal hotline. If you are a broker/owner or designated Realtor ® you can call the legal hotline directly. If you are an agent in an office, the designated Realtor ® in your office needs to make the call. Commercial real estate is receiving increased emphasis from the National Association of Realtors ® and from MAR. Those practicing commercial real estate have a great opportunity to learn and enhance their career. I hope you will take advantage of the opportunities RCAMA is presenting. I encourage you to visit the RCAMA website: www.
Falmouth, MA
SEPTEMBER 23 –24
MAR 2020 Annual Conference & Trade Show
Don’t miss this Two-Day Event!
• Educational break-out sessions • Inspirational speakers • An action-packed trade show • A fun clambake on Old Silver Beach!
EARLY BIRD SPECIAL
Register before June 26 for Early Bird pricing — only $ 185. All Early Bird
SAVE $ 40
registrants will automatically be entered to win two FREE clambake tickets! * (a $ 200 value).
