Real Estate Professionals®, Real Estate Brokers, Buyers and Sellers are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email.
A hacker will break into a licensee’s email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker will send an email to the buyer, posing either as the escrow agent or as the licensee. The fraudulent email will contain new wiring instructions or routing information, and will request that the Buyer send funds accordingly.
Lawyers Title is asking our clients to CALL BEFORE YOU WIRE and never rely upon email communication. Always follow these two simple steps:
Get instructions and information for the office of your choice:
Thank you to the National Association of Real Estate Professionals™ for releasing this 2 minute video to help educate and protect buyers’ money and data. The number of attempted wire fraud scams in real estate transactions has spiked 480% in 2016. If you receive an email containing WIRE TRANSFER INSTRUCTIONS call your escrow officer immediately to verify the information prior to sending funds.