Stay Safe: How to Respond After Clicking a Phishing Link - D1 Defend D1 Defend

It is critical in the escrow industry to safeguard sensitive data. Escrow companies are prime targets for phishing attacks because they handle confidential financial information, legal documents, and client trust accounts. Clicking on a phishing link can lead to disastrous consequences, such as unauthorized access to escrow accounts, compromised client data, and severe reputational damage.  

If you’ve clicked on a phishing link, don’t panic. The key to mitigating the impact is acting quickly and methodically. Here’s a step-by-step guide tailored specifically for escrow professionals to protect your company, clients, and assets after a phishing incident. 

1. Disconnect from the Internet Immediately

Phishing links can deliver malware that communicates with malicious servers to steal data or infect your system further. Disconnecting from the internet stops this communication. 

Steps for Escrow Professionals: 

• Turn off Wi-Fi or unplug Ethernet cables to isolate your system. 

• Inform your IT team immediately to assess if the phishing attempt could spread across your network. 

• Secure physical files and devices that may also be connected to escrow account operations. 

2. Do Not Enter Any Information

Phishing links often redirect you to fake websites designed to steal your credentials. Avoid entering information such as escrow platform login credentials, client data, or banking details. 

Steps for Escrow Professionals: 

• Verify if any information was entered and immediately report it to your IT or cybersecurity provider. 

• Avoid using the compromised device to access escrow management systems until it has been cleared. 

3. Change Your Passwords Immediately

If you’ve entered login details on a phishing site or suspect credentials may have been compromised, change all passwords immediately. Escrow platforms often allow administrative access to sensitive financial transactions—protecting these credentials is critical. 

Best Practices for Escrow Passwords: 

• Use unique, strong passwords for escrow platforms and client portals. 

• Avoid using the same password for multiple accounts. 

• Enable multi-factor authentication (MFA) to add an extra layer of security. 

4. Scan Your Device for Malware

Phishing links can install malware designed to capture keystrokes, extract escrow account credentials, or disable security software. Run a full malware scan on the affected device. 

Steps for Escrow Companies: 

• Use advanced endpoint protection tools such as Sophos or CrowdStrike to scan and remove malware. 

• Check escrow management software logs for unusual activities or unauthorized access attempts. 

• If malware is detected, isolate the device and involve your cybersecurity provider to ensure thorough remediation. 

5. Monitor Escrow Accounts for Suspicious Activity

Even if you didn’t provide information, phishing attempts can target escrow accounts directly. Monitoring escrow accounts is essential to detect unauthorized activity early. 

What to Look For: 

• Unexpected logins or changes to escrow account settings. 

• Discrepancies in client fund balances or unauthorized transactions. 

• Unusual emails sent to clients or changes to client communication settings. 

Action: 

• Notify financial institutions managing escrow accounts immediately if fraud is suspected. 

• Provide clients with updates if their accounts may be impacted, maintaining transparency to build trust. 

6. Enable Multi-Factor Authentication (MFA)

Multi-factor authentication is essential for escrow professionals who handle sensitive data daily. MFA ensures that even if login credentials are stolen, additional authentication steps (such as a code sent to your phone) are required for access. 

Implementation for Escrow Platforms: 

• Enable MFA on all platforms, including document management systems, email accounts, and escrow portals. 

• Train staff on using MFA effectively and the importance of securing mobile devices used for authentication. 

7. Report the Phishing Attack

Reporting phishing attempts not only helps your company but also protects the broader escrow industry. Sharing information about the attack allows others to strengthen their defenses against similar threats. 

How to Report: 

• Forward phishing emails to your escrow company’s IT team and your cybersecurity provider. 

• Notify your escrow software vendors and financial institutions about the phishing attempt. 

• Use federal resources like the Anti-Phishing Working Group (APWG) to report phishing attempts. 

8. Freeze Financial Transactions If Necessary

If sensitive financial information, such as client wire instructions or escrow account details, is exposed, consider temporarily freezing transactions to prevent unauthorized withdrawals. 

Steps for Escrow Companies: 

• Contact financial institutions managing escrow funds to put a hold on transfers. 

• Implement additional verification steps for wire instructions, such as verbal confirmations with clients. 

• Notify your clients about the incident and any delays caused by additional security measures. 

9. Educate Your Team to Avoid Future Phishing Attempts

Ongoing education is crucial for escrow companies to prevent phishing incidents. Cybercriminals often target employees with realistic-looking emails, hoping to exploit human error. 

Training Topics for Escrow Teams: 

• Recognizing phishing emails: Teach employees how to identify suspicious sender addresses, generic greetings, and urgent language. 

• Verifying links: Train staff to hover over links before clicking to ensure they lead to legitimate websites. 

• Reporting protocols: Create a clear process for reporting phishing attempts immediately to IT or management. 

Protecting the Escrow Industry from Phishing Attacks 

Escrow companies operate in a high-stakes environment, managing significant financial assets and sensitive client data. A single phishing incident can compromise client trust and expose your company to financial and legal risks. By acting swiftly, implementing robust cybersecurity measures, and prioritizing employee education, you can mitigate the risks and protect your operations. 

If you need expert guidance on recovering from a phishing attack or enhancing your escrow company’s cybersecurity defenses, contact us today. Together, we can secure your business and ensure the safety of your clients’ transactions.