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Warning Wire Fraud Alert to Real Estate Agents

Reblogger Jeff Dowler, CRS

Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

June 23, 2015 10:43 AM

It seems there is a growing scam impacting the real estate business and buyers clients, with hackers sending what appear to be legitimate wiring instructions to buyers.

Hackers gain access to REALTORS' email account and thus have legitimate information about their real estate transactions, and are then able to craft emails to that agent's buyers whe it comes time to wire their funds before closing.

Well worth a read with some good tips on prevention and dealing with the issue if it happens

Warning Wire Fraud Alert to Real Estate Agents

It has come to my attention when reading my local MLS an article in Realtor.com about wire fraud . Hackers are E mailing agents about upcoming settlements and obtaining information about buyers and sellers . They are slick and are using this information to send fraudulent emails giving the buyers new wiring instructions or routing information that look legitimate   Unfortunately there have been some buyers that have fallen for this scheme and have lost their money

These emails to the buyers look very professional unlike other Phishing schemes . I suggest everyone read this article and put your buyers on alert to these scams . You do not want your clients to lose their monies . Also do not open any suspicious emails asking about properties sold or for sale . Cyberscamers are out there and are now targeting Real Estate transactions . Be sure you cyber security on your computer is upto date . Please be sure to read this article below

article : Wire Fraudsters Targeting Real Estate Transactions

http://www.realtor.org/articles/alert-wire-fraudsters-targeting-real-estate-transactions

Looking to buy or sell Real Estate Please call me

Hannah Williams



Re/Max Eastern

215 953 8800

215 953 8818

cell anytime 215 820 3376

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Anna "Banana" Kruchten

HomeSmart Real Estate - Phoenix, AZ

602-380-4886

Jeff thanks for the re-blog. Always something to be on the look out for.....good grief.

Jun 25, 2015 10:28 AM

Hannah Williams

Philadelphia, PA

Andrea Swiedler

Berkshire Hathaway HomeServices New England Properties - New Milford, CT

Realtor, Southern Litchfield County CT

Hi Jeff, great reblog. Going over to tell Hannah thank you too.I am super suspicious of emails, all the way around! Let alone someone asking me about wiring instructions. Especially because any monies to be collected after I have already collected the initial deposit would be the job of a real estate attorney... here in my neck of the woods anyway.

Jun 25, 2015 10:36 AM

Hannah Williams

Philadelphia, PA

Rene Fabre

ARFCO Media - Renton, WA

Practicing Philosophical Eclectic of the Arts

Jeff Dowler CRS thanks for sharing this post from Hannah Williams ... This is beyond an epidemic and plaguing the industry. I can't say much because of compliance regulations but I can say if you get any changes about anything that's about a change in plans about moving money or where it should go just prior to closing CALL YOUR ESCROW CLOSER BY PHONE AND TALK TO THEM! ASK THEM IF THIS CAME FROM THEM AND ARE THESE NEW INSTRUCTIONS TRUE. I don't care if it's a change in wiring instructions, using a different email address, phone number, or a fax!

Jun 25, 2015 11:23 AM

Hannah Williams

Philadelphia, PA

Hannah Williams

HomeStarr Realty - Philadelphia, PA

Expertise NE Philadelphia & Bucks 215-820-3376

Hi Jeff Dowler CRS Thank you for the Re-Blog . I read about this and knew I had to share it .

Jun 25, 2015 11:44 AM

Winston Heverly

Coldwell Banker Access Realty - South Macon, GA

GRI, ABR, SFR, CDPE, CIAS, PA

I'm glad I stopped by to read your post, thought it had great points to share.

Jun 25, 2015 12:17 PM

Hannah Williams

Philadelphia, PA

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Anna Banana Kruchten - AZ Top Banana of Real Estate!

Glad you saw it. This was well worth sharing. Scary stuff and so much to look out for these days

Jeff

Jun 25, 2015 11:32 PM

Hannah Williams

Philadelphia, PA

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Andrea Swiedler

Here buyers are simply instructed to wire the funds to the bank that handles the escrow company's account. So I can see how this would be an easy scam

Jeff

Jun 25, 2015 11:34 PM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Rene Fabre

Thanks for stoppping by. That's an excellent suggestion

Normally escrow companies share the wiring instructions when they send them out here. so a change in that process would be suspicious. But buyers would not know that

Jeff

Jun 25, 2015 11:36 PM

Hannah Williams

Philadelphia, PA

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Hannah Williams

This was really worth sharing. Glad you shared it with us all to begin with

Jeff

Jun 25, 2015 11:37 PM

Hannah Williams

Philadelphia, PA

Bill Roberts

Brooks and Dunphy Real Estate - Oceanside, CA

"Baby Boomer" Retirement Planner

Jeff, On a recent transaction my buyer got two different sets of wiring instructions. I emphasized that the title company instruction was the one to follow. This made me change what I tell clients up front from now on. ONLY RELY ON THE TITLE COMPANY INSTRUCTIONS REGARDING CLOSING FUNDS.

Bill Roberts

BTW It's not just about fraud, but making sure the deal closes on time.

Jun 26, 2015 12:43 AM

Patricia Feager, MBA, ...

Flower Mound, TX

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Bill Roberts

That's scary. I'd say this is an important item to share with others AND to make sure we educate our clients.

Jeff

Jun 26, 2015 12:48 AM

David Shamansky

US Mortgages - David Shamansky - Highlands Ranch, CO

Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Thats simply scary indeed?!??! How are they getting even close enough to the transaction to know names or addresses or anything else.

This sounds like some possible inside information to at least some extent

Jun 26, 2015 02:23 AM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

David Shamansky

Truly scary. Scammers are creative folks - too bad they can't put their ceativity to good use and make great money other ways

My understanding is that they gain access to agent emails - most agents probably keep all their transaction emails so the scammers now would know everything being shared in emails, the companies (lender, title, escrow) involved, etc.

Jeff

Jun 26, 2015 03:37 AM

Patricia Feager, MBA, ...

Flower Mound, TX

Patricia Feager, MBA, CRS, GRI,MRP

DFW FINE PROPERTIES - Flower Mound, TX

Selling Homes Changing Lives

I got the memo on this just about every day this past week. I'm glad we are being informed. Scammers are manipulative and dangerous species. Sad to say, there's been too much attention to protection (sex) than to fraud on the INTERNET and that just might be the topic of my next blog post!!!

Jun 26, 2015 08:46 AM

Patricia Feager, MBA, CRS, GRI,MRP

DFW FINE PROPERTIES - Flower Mound, TX

Selling Homes Changing Lives

Bill Roberts makes a very good point! In recent transactions, I've noticed more and more lenders from buyers whose lenders I don't know are giving wiring instructions. Bill is right, buyers and sellers should pay attention to only Title Company instructions! Besides the danger of scammers and fraud, it's very confusing to clients too!

Thanks for the re-blog Jeff!

Jun 26, 2015 08:50 AM

Jennifer Fivelsdal

JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY

Mid Hudson Valley real estate connection

Jeff great re-blog, can't be too careful.

Jun 29, 2015 05:17 PM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Yikes! what will they think of next. And I wonder how much more money they could make if they turned their efforts toward something more respectable - even legal!

Jun 30, 2015 05:26 AM