September 2023

Is your smartphone secure? 8 tips to keep it safe.

What would we do without our smartphones? They make doing business on the go so much easier. But the more you use your phone for business, the more critical it is that you take steps to keep it safe from hackers, scammers and more. Here are some tips to help make sure your data — and your clients' data — is safe.

Keep your software up to date.

Be on the watch for software updates and install them as soon as possible. They often include security fixes that can protect you from viruses and other online threats.

Lock your phone when you're not using it.

Always set up a password or facial identification to keep others from using your phone. Be sure to use a strong password that's hard to guess. Including letters, numbers and special characters is a good tactic.

Back up your data.

Your phone may contain everything from client contact information to pictures of your last vacation. Don't risk losing any of it.

Avoid public Wi-Fi.

Public networks are not secure, so if you need to access the internet, use a mobile hotspot or virtual private network (VPN).

Watch for scams.

Scam texts, calls and emails are more and more common. Never click on links in suspicious texts or emails, and never give out personal or client information to an unverified caller. When you get this type of communication, be sure to block senders.

Physically secure the phone.

Never leave your phone, laptop or tablet in an unlocked car. You should also be careful to secure devices during open houses. Keep your phone in your hand or pocket, never leave it lying around.

Use secure apps to manage documents.

Always use an app like Docusign for sending and receiving client documents. If needed, educate your clients about the risks of sending documents or personal information in email or texts.

Be on the lookout for these types of cyberattacks:^Footnote1

Business email compromise. The goal of this fraud is to mislead you into wiring money to an alternate bank account rather than to a legitimate colleague by spoofing a business associate's email address and substituting the hacker's bank account number.
Ransomware. This is malicious software that's installed onto your computer or network by tricking you into clicking on an email link. You then lose access to data until you pay a ransom.
Spyware. This type of malware is also initiated by clicking on a bogus email link, but the purpose is to spy on your real estate activity. This may lead to hackers reading, stealing or even wiping out data, correspondence, transactions and banking credentials.
Mortgage closing wire scam. Criminals send an email — allegedly from you, their attorney or other trusted advisor — with closing details and instructions for wiring the down payment to their own account.

A final thought:

The best way to safeguard your phone is to educate yourself and take action BEFORE something unfortunate happens. We hope these tips help!

A note from your lending specialist

As your local lending specialist, my goal is to help make sure your clients' purchase goes smoothly. For more cybersecurity tips, visit the Bank of America Security Center.

1 The Top Cyber Security Threats to Real Estate Companies. Robert Siciliano, Finextra, 12 February 2019. Accessed June 2023.

MAP5821959 | 08/2023

More from this month's issue

For Adjustable Rate Mortgage loans, after the initial fixed period, rate and payment adjust annually.
Maximum income and loan amount limits may apply. Fixed-rate mortgages (no cash out refinances), primary residences only. Certain property types are ineligible. Maximum loan-to-value ("LTV") is 97%, and maximum combined LTV is 105%. For LTV >95%, any secondary financing must be from an approved Community Second Program. Homebuyer education may be required. Other restrictions apply.
Minimum credit scores will apply. Not all applicants will qualify. Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county.
VA loans require a VA funding fee at closing. The fee is higher with a zero down payment, and maximum loan limits vary by county. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable. Ask for details about eligibility, documentation and other requirements.
Minimum down payment requirements vary by property type and location. Loan amount, interest-only payment option, loan-to-value percentage, property and/or occupancy type may require a higher level of reserves and/or post-closing liquidity. Two separate full appraisals may be required. Excellent credit required, including proof of recent consistent housing payment history. Not available on all loan programs. Other restrictions apply, ask for details.
When deciding whether an adjustable-rate mortgage is right for your situation, you should consider the potential risk of rising rates and payments and such factors as how long you plan to own your home.
Some loans offered by Bank of America have a payment option that allows you to pay only the interest on the money you borrow for the first 10 years of the loan. If you pay only interest, you will still owe the original amount borrowed at the end of the 10-year period, and your monthly payment will significantly increase — even if the interest rates stay the same — because you must pay back the principal as well as interest. Ask about your payments after the end of the interest-only period and carefully consider the possibility of "payment shock."" If you are considering an adjustable-rate mortgage, ask about your payments if interest rates increase. Loans with an interest-only payment option may require a lower loan-to-value ratio, other restrictions apply, ask for details.
An applicant must have, or open prior to closing, a checking or savings account with Bank of America. Applicants with an existing account with Merrill or Bank of America Private Bank prior to application also satisfy this requirement. Eligible medical professionals include: (1) medical doctors who are actively practicing, (MD, DDS, DMD, OD, DPM, DO), (2) medical fellows and residents who are currently employed, in residency/fellowship, or (3) applicants who are medical students or doctors and are about to begin their new employment/residency or fellowship within 90 days of closing. Those employed in research or as professors are not eligible. For qualified borrowers with excellent credit. PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4-6 months are required, depending on loan amount.
Minimum down payment requirements vary by property type and location; ask for details.
If applicant's employment does not commence until after closing, in addition to the minimum cash reserves required, sufficient reserves to handle all debt obligations between closing and employment start date up to an additional 90 days must be verified.
Additional documentation required.

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Huong Le

Is your smartphone secure? 8 tips to keep it safe.

Keep your software up to date.

Lock your phone when you're not using it.

Back up your data.

Avoid public Wi-Fi.

Watch for scams.

Physically secure the phone.

Use secure apps to manage documents.

Be on the lookout for these types of cyberattacks:^Footnote1

A final thought:

A note from your lending specialist

More from this month's issue

Thanks for reaching out

Huong Le

Is your smartphone secure? 8 tips to keep it safe.

Keep your software up to date.

Lock your phone when you're not using it.

Back up your data.

Avoid public Wi-Fi.

Watch for scams.

Physically secure the phone.

Use secure apps to manage documents.

Be on the lookout for these types of cyberattacks:Footnote1

A final thought:

A note from your lending specialist

More from this month's issue

Be on the lookout for these types of cyberattacks:^Footnote1