AVOIDING
C
ondominium and homeowners associations across the Chicago region are undertaking major construction and capital improvement projects. Whether driven by aging infrastructure, deferred maintenance, life-safety upgrades or long-term asset planning, these projects often involve significant financial outlays, multiple vendors and compressed timelines.
While these investments are critical for resident safety and long-term structural health, they also create an environment that fraudsters find especially attractive. Associations that are planning, bidding, or actively managing major construction projects face elevated financial and cybersecurity risks due to the volume, urgency and complexity of the transactions involved.
18 | COMMON INTEREST®
When millions of dollars begin moving quickly between associations, contractors, engineers, management companies and financial institutions, criminals take notice.
Why construction
periods invite fraud Criminals are opportunistic. They look for moments when organizations are stretched thin, making frequent payments and coordinating with multiple vendors. Major construction projects often involve all of those factors at once.
During construction phases, associations may process unusually large wire transfers, ACH payments and
• Fall 2026 • A Publication of CAI-Illinois Chapter
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