Beware!! Hackers held First American Title and other major financial players hostage.

[Karen Margrave]

Unless you know about it and have searched, you probably haven't heard. The FBI and the companies affected, don't want it known, for fear of panic. Russian hackers are seizing the accounts of the largest financials institutions (ncluding banks, title, escrow, insurance, govt. accounts, etc.) and holding them for ransom. The most recent is First American Title. They were held hostage for ransom. Luckily they realized it fast enough to take down all their tech, and isolate funds. However; they couldn't disburse funds to buyers, sellers, agents, or any vendors, etc. associated with those. This went on from Dec 21 through yesterday. 

Before that, it was Fidelity Title, U.S. Bank, and others. Even the MLS was hit a few months back, and it was down for days. IMAGINE! This amounts to BILLIONS of dollars, that though not stolen, are inaccessible until the ransom is paid. Though this article is on 1st American, they're just the latest. First American Hacked  

When doing any transactions for clients, or yourself, make sure you are communicating with everyone. Make sure funds are being wired when and where they should be going, that they are received and actually available to fund transactions before any deeds are recorded, etc. Thankfully other title companies stepped in to help with a work around, and the experience and professionalism of all involved paid off. These are crazy times.