1031 Strategies and Services is a real estate exchange corporation that has assisted in tens of thousands of exchanges for real estate investors. The company helps individuals and organizations facilitate successful 1031 exchanges, which can help defer taxes and offer additional benefits for investors. The team not only facilitates these exchanges but also offers educational materials, like videos and classes, to help investors learn about the process and benefits.
Paubox sat down with Jeff Lowenstein to learn how 1031 uses Paubox to keep their communications secure. Lowenstein works as a Principal for 1031, managing business operations, compliance, and security. Outside of his work with 1031, Lowenstein serves as Chief Executive Officer for Outsourcelt, Inc., and Executive Vice President of Sales & Marketing for The Collection Bureau of America.
|
Company snapshot
|
- Founded in 1990
- Hybrid-remote operations
|
|
Industry
|
Real Estate |
|
Use case
|
- Protect executives from spoofing attacks
- Send encrypted emails
|
|
Goals
|
- Easily send and receive encrypted emails without passwords or portals
- High security for executives and employees
|
|
Used solution
|
|
|
Favorite features
|
- Strong and smart email filtering
- Automatic encryption
- ExecProtect+
|
The Challenge
With a portfolio career spanning multiple industries, Lowenstein knows firsthand the importance of email security—from transferring funds to protecting sensitive information. He manages technology across several companies and advises CEOs on best practices in cybersecurity.
While working with multiple companies, Lowenstein has seen many different email security solutions, each with varying degrees of success. "In multiple situations, I’ve seen the strain and tug and problems with other services," he said. "Just last week, I came across an email that got hung up in a filter that it shouldn’t have. It basically stopped us from doing a [project]." In this case, the email came from someone Lowenstein had already been communicating with. "It wasn't like it was coming from some new source, so it was pretty frustrating."
Lowenstein believes spoofing attacks have become more sophisticated, "They have our names, they have other team members’ information…It’s not misspelled words and things like that." Some emails directly correspond with employees' job responsibilities, making it even more difficult to spot a fraudulent request. 1031, for instance, handles large transactions, meaning a spoofing attack could potentially cost the company millions.
After extensive investigation, Lowenstein had the opportunity to try Paubox. Now he's never felt more confident in an email security solution. Paubox provides him with the best of both worlds by filtering out potentially dangerous emails while ensuring that employees can communicate effectively with organizational partners.
The Solution
Two of the companies Lowenstein works with handle highly valuable information, including information related to public housing and real estate contracts. 1031 handles real estate transactions and is frequently involved with high-value wire transfers. When Lowenstein took charge of compliance and security, he recognized that it was time to reassess the company's cybersecurity situation.
Preventing email interception and phishing through encryption has always been a top priority, and Lowenstein also wanted the system to be easy and seamless for both users and recipients. In real estate, he's seen many companies use portal-based systems. "It is the worst user experience ever, period."
Following a recommendation, Lowenstein decided to implement Paubox's email security solution. He loves that Paubox makes encryption automatic–no passwords, portals, or one-time codes needed.
Lowenstein also decided to try ExecProtect+, which prevents executives from having their names maliciously spoofed. To Lowenstein, it's been an "absolute lifesaver." Business Email Compromise attacks - emails from actors pretending to be an executive - now go directly to Lowenstein for review. "It is frightening to think what could happen if all those did get through." Thankfully, Lowenstein doesn't even have to worry about it.
Lowenstein now uses Paubox's full email security suite, which is noted whenever he renews his business and cyber insurance. While he can't be sure if it has helped his insurance premiums, he knows that having Paubox helps keep 1031 insured if a threat ever does emerge.
The result
Lowenstein couldn't be happier with Paubox's. "It's a great product, and I tell anybody and everybody I know that your full suite of services are tremendous… It's easy to use and easy to implement. I have complete confidence in every aspect of your product."
Lowenstein also continues to recommend ExecProtect. "Our only filter is Paubox, and it's done a tremendous job for us," he said. "ExecProtect is probably the number one thing that I would recommend. It’s just incredible."
Outside of meeting Lowenstein's security needs, Paubox has made Lowenstein's job easier by decluttering inboxes by filtering out spam and unwanted emails.
The email quarantine process has also become simpler; Lowenstein simply visits the quarantine a few times a month to check on things. "The amount that actually comes through the quarantine and the filter is so small, it's incredible. It makes it manageable." False positives are rare, so Lowenstein feels at ease.
With Lowenstein working with multiple companies, he loves recommending Paubox. "I would say Paubox bubbles to the top of hardware, software, cloud, everything that I use…I tell people that it’s best in the class, the best thing out there. And it is easy to use, easy to implement. It’ll reduce your management, your IT time. So it’s a cost savings while also a compliance and risk reducing solution."
