Video Transcript
"Reputation's a very interesting thing because you spend a lifetime building it and you spend a minute losing it, and that's reputation. And I also think that you validate and you harden your reputation, good or bad, on every interaction that you have, on every investment you make on the intentionality, how you approach things. The one thing about wire fraud that it’s so unlike any other risk profile in you don't get to choose who's gonna be impacted or what the size of that impact is gonna be.
Unlike other insured risks, my house, a car, a building, a watch, a whatever, you know the value of that in advance. And I can make a conscious decision to say, I am or am not going to fully insure this or fully protect this.
This is not that. You don't know if it's the first-time home buyer and it's their EMD or their cash to close obligation. You don't know if it's a commercial mortgage payoff, which would immediately bankrupt the firm title company. It doesn't matter if it’s overnight or a seller net proceeds wire, where now the seller can't repurchase and we're all in litigation for the next several years.
It's just best to avoid it. There's an ounce of prevention. This is like a ton of cure."
