Williston Financial Group subsidiary WEST has launched a new cybersecurity service for real estate agents, lenders, title agents and other settlement service providers, the company announced.
The company said WESTprotect.com is designed to protect against email fraud and provide real-time updates regarding potential risks. The company said WESTprotect.com is the industry’s only cybersecurity helpdesk service and offers free sign-up for fraud alert warnings and access to an extensive library of in-depth articles and reports.
“The pandemic has provided sudden change in virtually everyone’s life, and a sense of urgency is inherent in every real estate transaction or loan application, even given 30-, 60- or 90-day escrows,” WEST Senior Vice President and Chief Information Security Officer Bruce Phillips said in a release. “The only ingredient needed is the third one: consequence.
“A negative consequence might come in an email appearing to be from a buyer’s escrow company and warning of problems with the escrow account,” Phillips said. “ ‘We need to change escrow accounts if we want to close on schedule, so send the money to this new account.’ Under the gun, a buyer may quickly do that, trusting the hijacked email address is valid, and forever lose hundreds of thousands of dollars.”
The company said WESTprotect.com subscribers also have access to cybersecurity training and phishing simulators that are customized for each real estate, mortgage, or title company.
The company said monthly pricing for WESTprotect.com 411 begins at less than $10 per user, with Lure or Protect U available as add-on services for less than $2 per month.