According to the FBI, in 2016, incidents of cyber fraud in the real estate industry shot up by 480%. Criminals somehow figured out the real estate process around that time and have been wreaking havoc ever since. So, as they say, there are two types of businesses: ones that have already been hacked and ones that will be. If fraudsters make off with your escrow money, here is what you should do to control the damage. 
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Cyber fraud is quickly becoming real estate professionals’ worst nightmare, causing millions of dollars of damages each year. Part of your strategy for defending against cyber crimes should include proper insurance coverage. Because cyber insurance is a relatively new product and constantly evolving, you should take time to learn about the different types of policies that are available and which are particularly suited to the real estate industry.
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Nowadays, a crook can steal infinitely more money with a laptop computer than a gun. Hardly a week goes by without news of some large company’s computers being hacked. Given the real estate industry’s increasing reliance on internet commerce (and the seeming inevitability of e-closings), it was only a matter of time before cyber criminals turned their attention to home sales. Now, they have.
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Hardly a week goes by without word of a new corporate data breach. Until now, most affected businesses have dodged potential class liability, successfully arguing that customers suffered no compensable harm. Last month, a federal appellate court in Chicago rejected those arguments. That decision, Remijas v. Neiman Marcus Group, threatens data-intensive industries, like real