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Attention Buyers and Seller - Fraud is everywhere
Wire Fraud in the Real Estate IndustryHere is what at eXp Realty we have every client sign, because we know about the seriousness of this issue and we want to make sure we advise all our clients. I also have a warning in my email signature.
Wiring Fraud Advisory NoticeCyber-crime is a potential threat in real estate transactions. Instances have occurred where criminals have hacked email accounts of entities related to real estate transactions (such as lawyers, escrow holder’s, title company representatives, or real estate brokers and agents). Using email, hackers have invaded real estate transactions and used fraudulent wiring instructions to direct parties to wire funds to the criminals bank accounts, often to off-shore accounts, with little chance of recovery. It also appears that some hackers have provided false phone numbers for verifying the wiring instructions. In those cases, the buyers called the number provided to confirm the instructions, and then unwittingly authorized a transfer to somewhere other than escrow. Sellers also have had their sales proceeds taken through similar schemes. PLEASE BE ADVISED THAT eXp Realty, WILL NEVER SEND VIA EMAIL WIRING INSTRUCTIONS RELATED TO YOUR TRANSACTIONS.
BUYER/LESSEES AND SELLERS/LESSORS AREA ALSO ADVISED Obtain the phone number of the Escrow Officer ... more
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