How to Protect Homeowners’ Personal Data from Theft and Fraud
Cybersecurity threats and internet fraud are on the rise. While it’ s the large-scale cyberattacks that make news headlines, in reality, according to Accenture’ s 2023 Cost of Cybercrime Study, 43 % of cyberattacks are aimed at small businesses.
Homeowners’ personal and financial data are especially vulnerable in today’ s high-threat cyber environment. Community association management companies and self-managed associations cannot be too careful when protecting themselves and their homeowners from theft and fraud.
Below are a few potential theft and fraud risks associations and management companies should be aware of, as well as tips for mitigating them.
By Heather Karamitsos Senior VP / Director of Association Banking at American Momentum Bank
Email: hkaramitsos @ americanmomentum. bank Phone: 941 / 806-0755
Foreign outsourcing
Some management companies are outsourcing accounting services to countries outside of the U. S. in an effort to significantly reduce payroll expenses. These overseas companies and individuals have access to associations’ financial information, including homeowners’ personal data and bank accounts.
Association boards should ask whether their management company is outsourcing work to organizations outside of the U. S. and, if so, ask additional questions to help ensure their association and homeowners are protected from potential security and fraud risks. examples of questions to ask community association management companies outsourcing their accounting services overseas include,“ What legal protections roll down to homeowners in the event of fraud or identity theft?,”“ What protections are in place for associa-
16 community • March 2026 WWW. CAIWeSTFlorIDA. org