Buying, selling, or refinancing a home is one of the largest financial transactions a person will make in their lifetime. With the major transfer of funds between parties in these transactions, they are particularly susceptible to cybercrime. In today’s world, it’s a whole lot easier for criminals to steal money online than it is to rob a bank.
According to the 2018 FBI’s Internet Crime Report, the FBI reports that they received an average of more than 900 complaints a day. The report shows that Internet-enabled theft, fraud, and exploitation resulted in a staggering $2.7 billion in financial losses. And that was just in 2018!
We know these numbers are scary. And we don’t want the looming threat of cybercrime detract from the exciting time of buying or selling your house. But we do want to keep you safe.
To best protect our customers and clients, Liberty Title has invested in a Lloyd’s of London cybersecurity insurance policy. We’re proud to bring the protection of this policy to the title insurance industry. Especially at a time when real estate transactions are prime targets for cybercriminals.
Lloyd’s is one of the world’s leading insurance markets. They provide specialist insurance services to businesses all over the world, which now includes Liberty Title in Michigan and Zing Title in Florida.
While you are involved in a transaction with us, the policy provides coverage on three different levels: cyber incidents, cybercrime, and phishing. The policy will reimburse our customers for any number of cybercrime scenarios, including business email compromise, a network breach, and spoofing schemes (see the chart at the end of this post for details!)
For the past 45 years, we have been industry leaders in finding innovative solutions to give our customers the best protection available. We’re excited to continue this practice with the adaptation of this new policy.
To learn more about this new partnership or find out how you can qualify, contact us today!