Corporate Account Takeover - How it Works & Tips for Prevention

Corporate account takeover is a type of cyber attack that is growing more and more common. It’s important for those engaging in 1031 exchanges to be aware of how these attacks work and how to prevent them. In this article, we are going to discuss corporate account takeover and how to protect against this type of cyber attack.

How Does a Corporate Account Takeover Occur?

A corporate account takeover occurs when a cyber-criminal takes over your business account. Usually this happens either through the theft of your online credentials or the hijacking of your online session.

How can Someone Steal your Online Credentials?

Typically the way this works is a cyber criminal will start with some sort of social engineering attack. This often comes in the form of an e-mail that has an attachment or a link they want you to click on. If you download the attachment, malware will be downloaded onto your device. If you click on the link, you will be brought to a website that will download malware to your device, or ask you for your login credentials. This malware could be something like a keystroke logger, which collects your keystrokes as you go through your online banking session. Using this information, a fraudster can gain access to your account. This is just one example of how a fraudster can gain access to your online accounts.

How to Avoid Corporate Account Takeover

Education and awareness on social engineering and how fraudsters gain access to accounts is essential. Everything from the physical elements (such as protecting your computer) to email (knowing how to spot phishing emails and other red flags) are great methods for preventing corporate account takeover. It’s also important to work with your financial institution to ensure that they are offering you the best fraud prevention tools available.

Contact CPEC1031

It’s important to be strategic when approaching a 1031 exchange, and a qualified intermediary is the best advisor you can have on your team. At CPEC1031, we have been facilitating exchanges for clients around the United States for over two decades. Reach out to our qualified intermediaries today to discuss the details of your next 1031 exchange! You can find us at our main office in downtown Minneapolis, or at one of our satellite offices around the country.

• Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.

Defer the tax. Maximize your gain.

© 2019 Copyright Jeffrey R. Peterson All Rights Reserved

What is Business Email Compromise?

Business email compromise occurs when someone's email account is actually taken over by a fraudster or a fraudster uses an email address that’s very similar to a real email address for social engineering purposes.

For example, let’s say you’re a small business and you process wires for that business. Your CEO sends you an email with instructions for that day’s wire.

A business email compromise attacker will create an account that looks very similar to your CEO’s email address, and then they will send you an email saying something to the effect of: “For this particular wire use these instructions instead. Ignore the instructions I just sent you.”

The danger with this is, if you're just relying on email and you simply take every email on face value, you'll go ahead and authorize the wire transfer.

Another type of attack that falls under the category of business email compromise is where they actually do take over a legitimate email account.

So it’s important to always check the email address itself. In addition to that, when you receive a request for funds transfer you should always validate that request because it could be a legitimate account that has been taken over by a fraudster.

CPEC 1031 – The Leaders in 1031 Exchange Services

CPEC1031 has been helping clients through the ins and outs of the 1031 exchange process for over twenty years. Our qualified intermediaries can help prepare your documents, advise you on replacement property, and answer all of your questions throughout the 1031 exchange process. Contact us today to learn more about the 1031 exchange process and whether or not you’re a good candidate. You can find us at our primary office in downtown Minneapolis, or at one of our satellite offices around the United States.

• Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.

Defer the tax. Maximize your gain.

© 2019 Copyright Jeffrey R. Peterson All Rights Reserved

3 Situations in Which a 1031 Exchange Can Help

1031 exchanges can be a great tax-saving alternative to selling property in a traditional sale. However, some taxpayers still don’t understand why they should consider a 1031 exchange for their property. In this article, we are going to lay out three situations in which it makes sense to conduct a 1031 exchange.

You Want to Diversify Your Assets

With a 1031 exchange, you can move into and out of any industry you want. Thus, it is a great way to diversify your portfolio and keep your money working for you over time.

You Want to Merge or Divide Properties

If you want to merge several properties into a single property, or exchange one large property for several smaller properties – a 1031 exchange is a great tool for accomplishing those goals!

You Want a Less Management Intensive Property

Many people utilize the 1031 exchange to move from a management intensive property (like an apartment building), into a less management intensive property. This is especially useful for taxpayers who are entering into retirement and don’t want to have to deal with all the hassles that come with owning a management intensive property.

1031 Exchange Professionals

The 1031 exchange professionals at CPEC1031 are here to help you through all the details of your next like-kind exchange. Our team of qualified intermediaries has been facilitating exchanges across Minnesota and the United States for more than two decades. We put our extensive knowledge to work for you on your exchange and work with you to ensure that you understand the process. Contact us today to set up a time to meet with our 1031 exchange professionals about your next exchange!

• Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.

Defer the tax. Maximize your gain.

© 2019 Copyright Jeffrey R. Peterson All Rights Reserved

Moving from Office to Multi-Family Property with a 1031 Exchange

1031 exchanges can be performed on virtually any type of real estate, in any business sector or industry. In this article, we are going to talk about how you can use a 1031 exchange to move from an office property to a multi-family property.

How a 1031 Exchange Operates

A 1031 exchange operates differently than a traditional real estate sale. Rather than selling a property, receiving the net proceeds, and paying capital gains taxes on those proceeds, a 1031 exchange allows you to reinvest those proceeds into a new property and defer the capital gains taxes.

Exchanging from One Industry to Another

The beauty of a 1031 exchange is that you can use it to move from one industry to another. As long as your property is like-kind (most real estate is) and is held for qualifying investment purposes, you can sell a piece of property in one business sector and exchange into a property in a completely different industry. So you can sell an office building and exchange into a multi-family property with a 1031 exchange.

1031 Exchanges – Deferring Capital Gains Taxes on Real Estate

CPEC1031 focuses solely on helping taxpayers defer their capital gains taxes on the sale of investment real estate through the use of the 1031 exchange. Section 1031 is a provision under the Internal Revenue Code that allows any United States taxpayer to defer their capital gains tax on the sale of qualifying property by reinvesting their proceeds into a new replacement property. Contact our qualified intermediaries today to learn more about the 1031 exchange process and to start saving money in capital gains taxes.

• Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.

Defer the tax. Maximize your gain.

© 2019 Copyright Jeffrey R. Peterson All Rights Reserved

Qualified Intermediary – the Most Important Member of your 1031 Exchange Team

When conducting a 1031 exchange, there are several professionals you want to include in your 1031 exchange “team.” In this article, we are going to explain why a qualified intermediary is the most important person to have on your 1031 exchange team.

A Qualified Intermediary Can Walk You Through the Process

A qualified intermediary is a professional who specializes in all things related to 1031 exchanges. They can walk you through the entire 1031 exchange process, offering you advice and insight every step of the way.

A Qualified Intermediary Can Hold Your Net Proceeds

During a typical 1031 exchange, you need to move all of your sales proceeds into your replacement property in order to defer 100% of your capital gains taxes. If you receive any of these sales proceeds during the 1031 exchange process, you will be liable for capital gains taxes on those proceeds. A qualified intermediary can hold these proceeds for you so you can avoid this taxable “boot.”

Contact a Qualified Intermediary in Your Area

If you are hoping to save money on capital gains taxes when selling a piece of investment real estate, section 1031 of the Internal Revenue Code is the tool for you! When conducting a 1031 exchange, it’s important to work with a qualified intermediary who understands the process inside and out. At CPEC1031 our intermediaries have two decades of experience facilitating exchanges. We have the knowledge and experience needed to explain the entire process to you and make sure your goals are met. Contact us today to learn more about how we can help you save money in capital gains taxes!

• Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.

Defer the tax. Maximize your gain.

© 2019 Copyright Jeffrey R. Peterson All Rights Reserved