Wiring Funds? Is Your Internet Data Secure?

By
Real Estate Broker/Owner

 This isn’t a new scam but it is one that is becoming more prevalent..and this is a warning to anyone who is in a position to wire funds in a real estate transaction. Hackers are obtaining details about transactions online that make it seem they are truly involved in the transaction with names of buyers, sellers, title company’s all accurate. Those hackers know closing dates and will contact a buyer to divert their deposit money that is being wired to the title company…a buyer can lose their entire deposit which if wired to a fake account can then be diverted off shore and never seen again.

 

IF YOU PLAN TO WIRE FUNDS ANYWHERE PICK UP THE PHONE AND VERIFY THE DETAILS..DO NOT DEPEND ON ANY EMAILS…BEFORE YOU DO THE WIRE.

REALTORS® and consumers should consider the following guidance to help prevent fraud before it occurs, fro the Louisiana Realtors:

  • Be secure. Secure your network and any devices used to access the Internet. ·
  • Communicate in person or by phone. Never send sensitive information, including wire payment information, by email.
  • Verify sensitive information with a person you know, not a new contact person given to you for verification purposes. · Don’t open unfamiliar emails. Be aware of unusual requests, such as a business contact using a personal email address after previously using a company email address.[4] · Knowledge is power.
  • Alert clients to the possibility of fraudulent activity targeting real estate transactions.
  • Educate clients about the potential risks associated with wiring instructions received by email. · Verify, verify, verify. Instruct clients to verify all emails regarding the transfer of funds with all parties involved in the transaction. Prior to wiring any funds, the wirer should contact the intended recipient and confirm that payment instructions are accurate.

Do not rely on contact information from an unverified source, as hackers may provide fake contact information and/or fake websites in furtherance of their scheme.

 

To read the original article and for further references from the Louisiana Realtors.

 

 

 

http://www.neworleanspropertylady.com/before-you-wire-funds-verify-to-who/

Posted by

 


                      

 

     

New Orleans Property Lady, LLC

Broker/Owner and REALTOR (r) 

New Orleans, LA 70125

504-908-2268 (C)            

 Licensed in the State of Louisiana, USA

New Orleans Property Lady 
           

  

New Orleans Property Lady

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Copyright 2012, Miriam Bernstein, All Rights Reserved

Comments (3)

Women of Westchester Working Together
Women of Westchester Working Together - West Harrison, NY
Women helping Women get ahead

Gosh that is really scary.  This is a good warning for buyers and real estate agents (and I supposed mortgage brokers), too.

Dec 02, 2015 09:29 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Miriam Bernstein, CRS I have heard of this.    Some of our title companies will only accept wired funds. Bank checks made out to the buyers to endorse over to the title company have been cashed via iPhone. Is any method totally safe?

Thanks for the follow.

Dec 28, 2015 09:39 AM
Miriam Bernstei
Rochester, NY

I had not heard about cashing checks via iPhone....thank you for the comment

 

Dec 28, 2015 09:59 PM