A heart stopping deal!
ESCROW SCAM ALERT!!!
It' s hard to imagine that hackers could get to our cash buyers through escrow, but it's happening! Read the story below from one agent in Tennessee, it was a close call, but her client's funds were protected thanks to her great skills of keeping in close contact with escrow at all times throughout the transaction. This just goes to show it does matter which agent you work with!
I am just now able to talk about a closing I had this week in Nashville Real Estate.I was working with the most easy going, lovely couple's I have ever worked with.....and it was a cash deal on top of that! Whooooo Hoooooo...right?
So, I was in constant contact with the title company to ensure everything would go smoothly. Because it was a cash deal, we were going to wire the funds to the title company the day of closing.
The day of closing came, and I got an email from the title company. They stated the bank they used could not do transfers that day because they were in the middle of an audit. I really stopped reading the email at that time, and went to look again to confirm who sent that email. It was from the owner of the company, and the contact person I had been emailing back and forth with for weeks was also on the email. In fact.....it included all our past correspondence we had been having over the last two weeks.
The greatest gift I gave myself....was not reading through the entire email. I just thought...ok.....we will need to do certified funds. So, I immediately called my client, and had them get that ready. Because I didn't read through the entire email, I realize the email requested I wire funds to a new account number....I just assumed I should do certified funds.
Just before closing, I returned a call to the title company. They said they had not recieved the transfer yet, and wanted to know if that was being done. I told them I had received their email telling me about their bank being in the middle of an audit, and I had my clients get certified funds. She then informed me they had not sent any email to me.
To make a long story short.....their entire system had been hacked. The hackers had even sent another client of theirs wiring instructions on the title's company's own letterhead. It looked exactly like the original except had a different account number.
Because my client's were paying cash, they would have lost thousands and thousands of dollars. I can't even begin to tell you how high my stress level went. I was heart broken just thinking about what could have happened, and that anyone anywhere would take that kind of money (any kind of money) from innocent people. I just can't fathom it......
We then found out these people can hack into your phone ID, and call people in your contact list and pretend to be you! I just want to know......HOW IS ANYONE SUPPOSED TO DO BUSINESS ANYMORE?
We are in very strange and scary times. Please confirm any account numbers before you let clients wire any funds....it would be worth the time every time.
Just now able to breathe......
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