5 Tips for Working with Your Financial Institution to Prevent Commercial Real Estate Fraud img

5 Tips for Working with Your Financial Institution to Prevent Commercial Real Estate Fraud

calender icon 1/16/2023    poster icon  Mark Goodman

Fraud is a huge potential issue in commercial real estate. Most real estate transactions involve the transfer of large sums of money – which makes them big targets for fraudsters. That being said, there are some simple tips you can implement that will help safeguard you against commercial real estate fraud. In this article, we are going to offer up five tips for working with your financial institution to prevent fraud. These tips are meant for commercial real estate professionals who facilitate wire transfers on a regular basis.

Working with Your Financial Institution

You want to work with your financial institution to make sure that your online banking sessions are properly protected. Here are some things that your financial institution should be providing you:
  1. Make sure that they’re offering you dual-approval for any wires or any other type of high-risk transactions.
  2. Make sure that there’s multi-factor authentication that requires more than just a username and password.
  3. Make sure that have proper limits on your wire activity for both the amounts and for volume.
  4. Make sure that your financial situation can offer you some sort of IP whitelisting, restricting your online session for you to be able to log in and transact from a range of IP addresses that belong to your network.
  5. Make sure that they offer monitoring services so they can catch any suspicious transactions as they occur.

Commercial Partners Title

If you’re looking for help with your next commercial transaction, you’ve come to the right place!  For the past several decades, Commercial Partners Title has built up a reputation across the United States as being the experts in commercial transactions. Contact us today to learn more about our service offerings and how we can help you through your next commercial transaction.