The newest tactic for online scams is wire transfer fraud. These scammers are hacking into Realtor emails and lying in wait till it’s time to close escrow. At that moment, they send a FAKE email that looks legit instructing clients to transfer their closing funds to another account. The Realtors are unaware the email has been sent unless the client asks. If the client just believes the email and changes their wire instructions – they have sent their hard earned money to the scammers and will never see those funds again.
It is incredibly frightening for myself, a professional Realtor to think that my email could be hacked and faked and money stolen.
If at any point an email seems fishy, pick up the phone and call your Realtor or call your Escrow Officer to double check the wire instructions.
Wire Instructions come directly from the Escrow Officer – not the Realtor. Most Escrow Officers will call the client to get the information OR the wire instructions are completed at the time the loan documents are signed, in person with the client and Escrow Officer face to face.
This day in age, technology is King but nothing beats face to face interaction – especially for the largest purchase of your life. No Realtor provides Wire Transfer Information. Wire Instructions are part of the Escrow Process and will come directly from the Escrow Officers.
I try my best to keep my clients safe. I hope no one experiences this! For more information click on the link below from the National Association of Realtors.
I read this article at: http://www.realtormag.realtor.org/news-and-commentary/briefs/article/voice-for-real-estate?om_rid=AACmlZ&om_mid=_BXDP9rB9MJqMbl&om_ntype=BTNMonthly
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The Caton Team – Susan & Sabrina – A Family of Realtors
Berkshire Hathaway HomeServices – Drysdale Properties
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3 thoughts on “Wire Fraud on the Rise in Real Estate”
Thanks for the information. this is very helpful!
Thank you – I had to inform people – serious problem!