107 Why the Real Estate Industry is Targeted by Hackers with Idan Udi-Edry

As a real estate agent, I constantly receive emails from fake title companies asking me to open an attachment. I also receive emails from fake agents or buyers asking me to open attachments . I am usually smart enough to spot the fakes, but some can seem very real or even appear to be from someone I know. It is pretty easy for someone to get hacked through their email, and being hacked is not a pleasant experience. On today’s episode of the InvestFourMore Real Estate Podcast I talk with Idan Udi-Edry, who is the CEO of Trustifi. Trustifi is a company that specializes in cyber security, and we talk about a number of topics, including the prevalence of hacking, how to spot fake emails, what a hacker can do if they gain access to your information, how to protect yourself, the liability from handling other people’s private information, and much more.

How easy is it for a hacker to get into your computer?

Even though I write a blog and may seem tech savvy, I am not. I have a lot of help on the back from people who keep the site running, and I am pretty sure I have more problems with technology than anyone else in my office. In this episode, I learned a lot about how hacking works. I also learned how easy it is for someone to get information from your computer. Idan explains that 95 percent of cyber crime is committed through email. Cyber crime is also the FBI’s 3rd highest priority as far as all crime in the United States goes.

If you do not have the proper protection on your computer, all you have to do is open the wrong attachment, allowing someone to see everything you do on your computer. Once someone gets into your computer, they can see passwords and banking information, which can allow them to steal money or even your identity. I think many of us receive bogus-attachment emails. However, it is often tough to know if an email is real or not. Hackers are able to send emails that appear to be from your friends or colleagues, even though they are not.

What can people do to protect themselves from phishing emails?

Here are a few of Idan’s tips for avoiding malicious emails:

  • Always double-click on the name of a sender if the email looks suspicious. Even though an email may appear to come from a colleague or friend, the email address may not be your colleague’s or friend’s email. Make sure the email address matches who you think is sending it.
  • If you are going to open an attachment, check the file name to see if it makes sense. If you are expecting to open title work on a property, is the file named 123 5th st title work, or does it have a strange name that makes no sense? Be very suspicious of any file names that do not make sense.
  • Completely delete any emails you suspect are phishing for information. Idan suggests emptying your trash can often, not just deleting your emails from your inbox. When you empty the trash can on your computer or delete the trash emails on your email server, those emails are deleted forever. If you simply delete the emails from your inbox, they stay on your computer or server, and you could accidentally open them in the future.

Why should people in the real estate industry be more concerned about hacking and phishing emails?

Real estate agents and investors deal with a lot of money and are a big target for hackers. Wire fraud is a common crime where an email tries to get people to send bank wiring information, or they pretend that they are a title company and hope the real estate agents sends them a wire. Real estate agents also deal with personal information all the time. They handle financial information as well as social security numbers. If a hacker can get access to an agent’s email, they have access to not only the agent’s information but also any client information they send through email.

I ask Idan about the liability those in the real estate industry face if they give away client information to a hacker. He said real estate agents, title companies, banks, and almost anyone else who loses client information because they were not protecting it properly can be held liable for damages. This is one reason I love to use Transunion Smartmove and TurboTenant to screen tenants because I don’t need their social security numbers.

How can you protect yourself against hackers and liability?

Idan is the CEO of Trustifi, which is a cyber security company that helps people encrypt their emails. Right now, Trustifi works with B to B business companies but they are going to start working with consumers in September. My experience has always been horrible with encrypted emails because I need a password, it doesn’t work right on my phone, and it takes forever. However, Idan explains that Trustifi is working to simplify the encryption process. Once you use their program on one device, you no longer have to enter passwords, and a couple clicks will allow you to encrypt important emails. You can find much more information at Trustifi.com.