By Lisa A. Tyler
National Escrow Administrator
The stories are pouring in! I love it, because it makes writing this newsletter so easy. But, I also hate it because it means crime is on the rise and we have to stay alert for the tell–tale signs with every transaction. Our settlement agents are now suspicious of every principal – and justifiably so!
Nothing demonstrates this increased level of suspicion better than the actions of the escrow assistant in the story entitled "WHAT a lying sack!" Sarah Haberthur knew the borrower in her transaction was up to no good – she just had to prove it. Read the story to find out the extraordinary steps she took to prove a borrower had been lying about an outstanding open line of credit.
The "ALTERED checks" story is eye–opening, given the frequency with which offices currently accept endorsed checks into escrow. If you are not aware of the potential issues that can arise from accepting a check made payable to anyone but the Company, you will want to read this story to increase your knowledge of our banking agreements.
Does your office have a document safe? Is it bolted to the floor? If not, you will consider bolting it down after reading the story entitled "SECURITY breach" where intruders took the safe thinking there might be cash inside. The theft did not create a monetary loss to the Company; but it did create a security breach.
Fraud Insights is provided to raise awareness within Our Company regarding fraud and other crimes. It is also a tool to use in the field to aide in changing the entire industry. Please share it!