As a title agent, it’s your responsibility to ensure that all your client’s transactions are securely processed. With so much at stake in real estate deals, it can be extremely lucrative for fraudsters to intercept the money.
The obvious answer to block these criminals is to upgrade your cybersecurity, something you may be hesitant to do. Adding extra layers of security in your mission to aid and protect your clients could backfire. When faced with extra login and verification steps, customers may experience consumer friction.
But having a robust digital security system is vital if you want to deter fraudsters. You need to shift the negative view of cybersecurity and change the popular perception from a necessary evil to a critical asset.
Consumer sentiment about cybersecurity
With data breaches on the rise, consumers are losing their trust in companies. Only 12% claim they can trust companies now, whereas 17% did over 10 years ago. In the same train of thought, an overwhelming 92% agree that companies must be proactive about data protection.
While seemingly less intrusive security measures would improve the customer experience, consumers are willing to sacrifice some convenience for extra security.
Consumers also want control over their data, but don’t feel like they have it with most companies they work with. Proving that you have strong cybersecurity in place will give your clients extra protection and peace of mind.
Don’t play to the advantage of fraudsters
Many of the tactics fraudsters employ rely on the fact that people are complacent. Most of us would willingly eliminate a step in a process to produce quicker results.
While a lack of security features on portals makes access easier for clients, this leaves them vulnerable to attacks from fraudsters. Enhanced digital security is an absolute must, especially when dealing with sensitive data and sizable transactions.
Fraudsters are so successful because they know the closing process involves many communications in regards to the transaction. It’s also a lengthy process where an additional email or request may not seem suspicious.
Because the closing process is so vulnerable to attacks from fraudsters, it’s essential you educate your customers and add the appropriate layers of security. But contrary to popular belief, security doesn’t have to cause consumer friction.
How you can use cybersecurity as your unique selling point (USP)
Source: October Research Report
As you can see, the concern of cyber threats is only second to the concern for the economy and mortgage market. With 50.3% of surveyed title agents citing cyber threats as a major area of concern, there’s potential to turn this negative point into a positive one.
When you use cybersecurity as your USP (unique selling proposition), you make things more secure for your clients and yourself. And, by positioning yourself as a company with ironclad cybersecurity, you’ll engender more trust and less consumer friction.
Proof of secure transactions
Your clients are most likely moving their life savings to purchase homes, or are selling their homes to fund their lives. Either way, it can be devastating to suffer a financial blow by falling victim to fraudsters.
Consumers are not aware of the cyber threats out there. They look to you for guidance, as well as security and protection during the closing process. They want someone who has an excellent track record. With robust security practices in place, you’ll have proof of a history full of secure and successful transactions.
Use it as the foundation for trust
As you’ve read above, consumers are losing faith in businesses. With the majority of customers suspicious of companies, you have to prove yourself worthy of client trust and loyalty. If consumers feel a company isn’t handling their data responsibly, they’ll take their business elsewhere. This skepticism already puts you at a disadvantage since consumers come to you wary.
But if you can show that you’ve been proactive in your choice of cybersecurity and it’s kept your company safe from fraud, you have the foundation for trust and a lasting relationship with your clients.
Position security as a positive feature
It is time to look past the idea that security is a disruption to the consumer experience. A real disruption to any consumer is losing their life savings. As business professionals in the real estate industry, it is our job to educate consumers on this issue and help them understand the importance and benefits of great security.
Use your security practices as marketing opportunities as you explain to customers the steps you’ve taken within your organization to safeguard their funds. Track the success of your efforts and explain to each new client what you’re doing to keep them safe. Today’s market leaders will differentiate themselves from the competition through their security best practices.
At CertifID, we provide all our customers with marketing materials to help them use the implementation of our services as a marketing differentiator. If you or someone you know is interested in learning more please reach out to firstname.lastname@example.org.