Designed to provide CA member firms with practical information on how criminals operate and the measures they can take to avoid being victims of fraud and cybercrime, the original protocol was launched in May this year.
Spear phishing is the targeting of potentially high net worth individuals (over 55s) whose emails are intercepted to misdirect funds whilst they are known to be away from the office. It’s inclusion is in the Protocol is part of the CA’s commitment to regularly review and update the document.
Those firms who sign up and adhere to the Protocol, which is reviewed and updated regularly, become certified ‘Cyber Safe’ which CA says allows them to demonstrate to customers that they are tackling the growing threat of fraud within the property industry.
Since the Protocol’s launch CA said a number of its member firms have already achieved the standards required and the trade body is urging all members to achieve accreditation as soon as possible.
Beth Rudolf, director of delivery at the CA, said: “When it comes to cyberfraud and fraud, the criminals do not stand still and are always looking at new ways and means to secure the large sums of money involved in the conveyancing process. This is why, when we launched the Protocol, we recognised it would evolve and update as new threats emerged.
“It’s our aim to ensure we offer our Cyber Safe members tangible support and advice on how they can counter such activities, and this latest version of the Protocol does just that in a number of areas.”
Rudolf added that the CA’s committee will meet regularly throughout 2017 to review the Protocol and decide on further new iterations and new measures based on feedback from cyber experts regarding changes in criminal behaviour and risk profiles, as well as developments in fraud prevention services provided by its affiliate members.