Real Safe Agent Announces It Has Solved Wire Fraud
Thursday, September 6, 2018
Austin, TX, September 6, 2018: Real Safe Agent, the real estate industry’s leading agent safety platform and only crime prevention platform, announced that it has developed a system and method for preventing wire fraud. “Others keep approaching the problem as if it were a technical problem, however the overwhelming majority of wire fraud is not a technical problem, it’s a human problem” said Lee Goldstein, Founder and CEO of Real Safe Agent, “It’s your basic criminology equation, motive plus means plus opportunity equals crime. We figured out how to deny the criminal the opportunity, thereby preventing the crime, wire fraud, from occurring.”
The root cause of the overwhelming majority of wire fraud is the hacker inserting him/herself into the real estate transaction by hacking the email of one of the people involved into the transaction, agent, client, title rep, mortgage professional, etc…. Email is the most insecure of all electronic communication methods, and very often the victim of the email hacking is the agent because the agent is at the center of every transaction. If anyone in an email chain has a virus, then even an email instructing a client to contact the title company directly for wire instructions puts the transaction at an elevated risk for wire fraud. “If I have penetrated one person’s email, say the mortgage person, then I can use that one entry point to monitor communications, spoof email, and send my wire information at the right time.”, said a Ukrainian hacker who agreed to speak anonymously.
Real Safe Wire is a highly secure agent centric communication platform that works on mobile, tablet, and web browser. When wire instructions are required the agent initiates the process but is never in the possession of the sensitive information. The wire instructions process can only be done on a smartphone registered to the user, and both the sender of the wire instructions and the person receiving the instructions are required to verify their identity through biometric verification to receive a decryption key; and the decryption key can only be used with the user’s PIN. Additionally, the process and the decryption keys are only active for a limited time period. The system is protected with multiple layers of encryption ranging from 256 bit to 4096 bit; and exceeds the security protocols used by wire transfers and the US government to secure Top Secret SAP information. Additional security features such as blocking ip addresses from outside the US as well as US proxy servers are also being used to secure the system.
“Providing a method for ensuring the integrity of wire instructions and the identity of the sender and receiver of the information was not enough for us”, Real Safe Agent CEO, Lee Goldstein. “We also knew that we wanted to give agents a more secure and easier way for everyone involved in the real estate process to communicate, share documents, share pictures, and ask others to “chime in” on a part of a conversation.” According to the company the chat features of Real Safe Wire will be an easier and faster way to communicate than email thereby reducing emails, eliminating spam from communications, and providing agents with a permanent unalterable record of conversations.
The company will unveil the solution at CMLS2018 in Orlando the last week of September and they expect to release Real Safe Wire in October. According to the company Real Safe Wire will be included in its Real Safe Agent crime prevention system and access will be free to agents using Real Safe Agent. Other real estate professionals, such as title and mortgage professionals will be able to purchase access to Real Safe Wire from the local MLS or REALTOR association if that MLS or Association has deployed Real Safe Agent. The company added that if the local MLS or REALTOR has not yet deployed Real Safe Agent, both Agents and other real estate professionals will be able to purchase access to Real Safe Wire for between $5-$10 per month. Agents can create accounts for their clients by sending the client a text message, and client accounts will have a one-time $2 charge to the agent.
About Real Safe Agent
Real Safe Agent is based in Austin, Texas and is the creator of the first crime prevention system for the real estate industry. The patent pending system is rooted in behavioral science and empowers the real estate agents to cooperate and collaborate to keep each other safe.