The 15th Annual Real Estate Summit · The 15th Annual Real Estate Summit. Raymond G Leclair. Vice...
Transcript of The 15th Annual Real Estate Summit · The 15th Annual Real Estate Summit. Raymond G Leclair. Vice...
The 15th Annual Real Estate Summit
Raymond G LeclairVice President, Public Affairs
Lawyers’ Professional Indemnity Company
April 18, 2018Law Society of Ontario
Remote Access Risks
Cyber Risks
REPCO Availability
Cyber Risks
• General cautions:• Unsecured internet connections
• Coffee shops, hotel business centers, malls, hotel rooms(?)
• Third party computers• Library, hotel business centers, Airbnb
host’s computer, internet cafe
New technologydemanded by clients
http://www.practicepro.ca/2017/08/reflections-on-technology-changes-in-real-estate-practice/
Advantages of
portals
CybercrimeTargetsHow?•Spam and phishing messages;•Installing malware;•Etc.See special LawPRO magazine on cybercrime
http://www.practicepro.ca/LawPROmag/LawPROmagazine12_4_Dec2013.pdf
“Bad” cheque fraud
Types of “Bad” Cheques Scam- Real Estate- Business Loan - Debt Collection- Collaborative Family Law Agreement- Employee Theft- Retainer or Deposit Refunds
• Email from new client• Matter involves payment of some type• You receive bad cheque• Deposit it in your trust account• Disburse (wire) funds• Left with trust account shortfall
What is phishing?Trying to obtain financial or other confidential information from Internet user or getting the user to do something or go to a website
Typically, by sending an email that looks as if it is from a legitimate organization
A phishing attack directed at a specific person
Will use information known of that person (posted online – Facebook, Twitter, Amazon, LinkedIn, etc.) to make it more convincing
To: Undisclosed recipientsFrom: BMO <[email protected]>Subject: New Security Measures
To protect your account, Bank of Montreal has implemented security questions and answers for you to create and use whenever you log in from a different location.
Please create security questions and answers for your BMO online account by <<clicking here >>
We strongly advise you to enroll now. The new login method will be effective within the next 24 hours.
Thank you for using BMO.
Regards,BMO Support Dept.
Fraud by Hacked Email Account
•Client email account hacked•Hackers monitor email•Watch for discussion of payment of some sort•Hackers send spoofed email redirecting payment (e.g. once settlement is achieved or closing upcoming)•Variations on who is hacked
– Lawyer, self-rep opponent, third-party dealing with client
•Subscribe to LAWPRO Avoid A Claim to get updates and read more about how these and other frauds work
• http://avoidaclaim.com/subscribe
Corporate records fraudIdentity theft of the corporationFraudster files change of Directors and Officers and/or
Registered OfficeShows up with “made up” minute bookAttempts to refinance or sell propertyBe aware, look for:
• Document Last filed on Corporate Profile Report• Get listing of filings for the corporation
Article: http://avoidaclaim.com/2017/recognizing-the-red-flags-of-real-estate-scams-involving-corporate-identity-theft/
REPCO Availability• Self-Assessment Tool
• https://www.practicepro.ca/2007/10/self-assessment-tool-for-real-estate-practice-coverage-option/
• Real Estate Practice Coverage Option• http://lawpro.ca/insurance/Practice_Type/REPCO_coverage.asp
• Must be ELIGIBLE to apply• Means eligible to practice REAL ESTATE LAW in
Ontario as permitted by the Law Society of Ontario• Not eligible, lawyers:
• in bankruptcy• convicted or disciplined re: real estate fraud• Under investigation, where LSO obtains interlocutory
suspension or restriction or undertaking not to practice real estate
Supplemental Materials•Tech tip: Don't take the bait on a spear phishing attack•http://www.practicepro.ca/LAWPROMag/Dont_Take_Bait_Phishing_Attack.pdf
•Tech tip: Danger - when a hacker emails you instructions in the name of your client•http://www.practicepro.ca/LAWPROMag/Danger_Hacker_Email_Instructions.pdf
•Tech tip: Keeping your passwords strong and secure •http://www.practicepro.ca/LawPROmag/Keeping_Passwords_Secure.pdf
•Tech tip: 15 tips for preventing identity theft and online fraud •http://www.practicepro.ca/LawPROmag/TechTip-15-Tips-Identity-Fraud.pdf
•Fraud: How to avoid becoming its next victim•http://www.practicepro.ca/practice/pdf/FraudInfoSheet.pdf
•Show me the money – Funds handling•http://www.practicepro.ca/LawPROmag/Wire_Transfer_Benefits.pdf
•PracticePRO's best claims prevention tools and resources•http://www.practicepro.ca/LAWPROMag/LAWPRO_best_claims_prevention_tools.pdf
•Run-Off Insurance Coverage•http://lawpro.ca/insurance/insurance_type/run-off_ins_cover.asp
Questions?
For more info:
LAWPROTitlePLUS Home Buying Guide
@lawpro@practicepro@titlepluscanada
LAWPROLAWPRO staff
lawpro.ca
titleplus.ca lawpro.ca/excess practicepro.ca
Contact InfoRaymond G Leclair, LL.B.Vice President, Public Affairs, LAWPRO, Toronto(416) 598-5890 or [email protected]
www.practicepro.ca and www.lawpro.caBlog: AvoidAClaim.com;
LAWPRO is on LinkedIn & FacebookTwitter: @LAWPRO and @practicePRO
Connect with me: • Linkedin: Raymond G Leclair• Twitter: @RayLeclair