Fraudulent Wire Funds Transfers

By
Real Estate Agent with Certified Realty Services BRE# 00572654

 I received an e-mail yesterday from the California Real Estate Legal Alliance.  They're the attorneys who worked with the Errors and Omission Insurance company endorsed by the California Association of Realtors® last year.   The e-mail says:

 "It has recently come to our attention that some unsuspecting buyers and sellers are receiving emails from third parties indicating that the wiring instructions for depositing funds into escrow or for disbursing sellers funds out of escrow have been revised. Somewhere along the line, these criminals are hacking into the emails of escrows, buyer or sellers and are discovering the existence of the escrow. They then send out a very official looking email which appears to come directly from the escrow company indicating that the wiring instructions have been revised. The email gives the buyer or seller new wiring instructions which have the funds wired to some third party who then steals these funds. Some buyers and sellers have lost very large sums of money to this scam."

It's probably a good idea to remind clients to follow the wiring instructions provided in the Preliminary Report, and not wiring instructions e-mailed to them.

 

Lloyd Binen

Cal BRE 00572654

Silicon Valley Realtor since 1976

19200 Shubert Drive

Saratoga, CA 95070

408-373-4411

Comments (5)

Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

HEY...it's my dear old friend Lloyd!  Seeing your face pop up today is like an early Christmas present!  You have been missed!

Dec 22, 2015 05:18 AM
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411

Sharon you're soo sweet.  Yeah, I've been busy mostly with caregiving responsibilites.  I have a feeling you're busy getting grandchildrens' Christmas presents wrapped, or--knowing you--maybe you had that finished right after Thanksgiving?

Dec 22, 2015 05:56 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Lloyd - It's good to see you back here - you've been missing way too long. I hope you're having a wonderful Holiday season.

Dec 22, 2015 06:06 AM
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Lloyd - This is becoming quite a common thing lately. Thanks for sharing this with everyone, so hopefully it will not happen to them.

Dec 22, 2015 06:14 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

All my shopping was done online this year...a first for me, I think. It wasn't done as early as you think....just finished last week. I'm looking forward to Christmas Eve with the kids and grandkids.

I hope you have an enjoyable Christmas and New Year and 

I hope you can find the time to stop in now and then....it REALLY did make me smile to see your face today!

Dec 22, 2015 07:29 AM