Protect your money from wire fraud!
- How Wire Fraud Happens — First, hackers gain access through the email of a buyer/seller involved in a real estate transaction. They monitor the emails as they go back and forth, and then determine who may be requested or has been requested to send funds. Then, mimicking the realtor’s or title company’s email address, they send the buyer a message requesting that they change the payment type (from a check to a wire transfer) or change the recipient to a different account (one under their control). The real estate agent or title/escrow/mortgage company are usually unaware of the fraudulent email. Then your money is gone.
- Fastest Growing Real Estate Cybercrime — Wire Fraud is the Fastest Growing Real Estate Cybercrime in the U.S. This past June, news broke that a real estate phishing scam cost a New York State Supreme Court judge over $1 million. A shocking report produced by the FBI found that wire fraud attacks targeting real estate transactions increased 480% in 2016. An agent in our office has a buyer that lost their down payment of over $150,000 in January, 2020.
- Avoid Wire Fraud — Please read the attached info and watch this 2min video and Avoid WIRE Fraud: https://www.youtube.com/watch?v=VW5TKGym5J4
- How to Protect Yourself – always confirm wire instructions in PERSON (hard copy). Don’t rely on an email, phone calls or letters, even if it appears to be legitimate. Please drive to the escrow company office and ask for wiring instructions in person.
Only you can prevent wire fraud! Only you can protect your money!