Wire Fraud on the Rise in Real Estate

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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The Caton Team - Realtors

Sabrina & Susan are native Californians - born and raised in the Silicon Valley with a passion for Residential Real Estate. A mother and daughter-in-law duo called - The Caton Team. With over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time. Call | Text at: 650-799-4333 | Email Info@TheCatonTeam.com The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true. The Peninsula is our backyard - let us help make it yours. We represent Buyer’s and Seller’s throughout the Bay Area. The Caton Team – Susan & Sabrina A Family of Realtors Effective. Efficient. Responsive. What can we do for you?

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