Where is Your Wire Transfer?

By
Real Estate Agent with Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton Licensed in GA & AL

Where is Your Wire Transfer?

Wire transfers are the preferred method to send money to a closing attorney.  Very rarely does anyone bring a cashiers check to a closing.  This week the West Mero Board of Realtors sent out an email alerting members about the latest real estate scam in the area. 

It seems that hackers are hacking intoquestion mark email accounts, and monitoring emails for key words such as closing, wire transfer, etc.   After finding these words, the hackers take over and contact buyers who are preparing for a closing that will include a wire transfer. 

A typical hacked email recived by the buyer will read "The wiring instuctions sent previously have been changed.  Please have your funds wired using the new instructions in this email."

The buyers send the wire using the new instructions, and the money disappears.  It is typically sent to an overseas account, never to be seen again.   No one gets to buy a home that day, and the money is gone.

So, everyone, pay attention!  Make sure your buyers know to be aware of this scam, and to verify the wiring instructions with the closing attorney before money is wired.

 

Comments (6)

Pat McCormick
Long and Foster Manassas - Manassas, VA

Karen - Thanks for the heads up!

Mar 13, 2015 04:51 AM
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Yes, this was something brought to our attention by corporate a few months ago.  You just wonder if there is a limit to how low people will sink.

Mar 13, 2015 10:36 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

If there is a possibility of getting away with something illegal, there will be someone trying to do it.

Mar 13, 2015 11:36 AM
Bruce Hicks
Best Homes Hawaii - Honolulu, HI
Your Best Hawaii Realtor!

Just like on the show "Cops", Karen Steed someone always thinking they can get away, when they will get caught.

RE: MLS BOOKS, yes I still have books in the store room from 1985.  I've been tossing them in the recycle.  Even inherited some from my former broker (retired) back to 1972. I clicked LIKE.

Mar 13, 2015 11:39 PM
Karen Winters, Berkshire Hathaway HomeServices KoenigRubloff
Berkshire Hathaway HomeServices Koenig Rubloff Realty Group - Chicago, IL - Chicago, IL
Chicago, IL

Our corporate Risk and IT teams have been working on overdrive to block these fraud attempts.  So far, so good.  

May 22, 2015 12:50 PM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

We got that same email from our Board of REALTOR(r)'s too.  Must be a national thing going on.

Jul 23, 2015 12:42 PM