Well the scammers are at it again! The FTC (Federal Trade Commission) and NAR (National Association of Realtors) have announced that hackers are breaking into the e-mail accounts of Realtors and Title Companies looking for upcoming closing information. Once they have accessed those accounts, they pose as the Realtor or the Title Company and e-mail the Buyer of the upcoming transaction. They tell them that there has been a "last minute change" in the wiring instructions of where the Buyer should wire their funds. If the Buyer takes the bait, they wire their funds to the hackers and lose their money.
So what can you do?
1.) As a Buyer, talk to your Realtor and Title Company.
2.) Verify wiring instructions with a simple phone call to the Title Company.
3.) Do not conduct your business over a public WIFI connection.
E-mail is never totally secure, and this scam is both sleezy and brilliant at the same time!
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude
Kerry
I'm glad to see this issue being brought up more and more often since it's becoming a bigger problem. Education is key, not only with agents, but in particular with our clients so they are aware. Most of our escrow companies are now encrypting this information but I still always double check and recommend that my buyers do as well.
Jeff
Jan 25, 2017 03:22 PM
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Eric Mauriello
Ashburn, VA
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Kerry L Klun, Broker/O...
Melbourne, FL
Palm Realty - Melbourne, FL
321-626-5868
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties
It is awful that this is something we need to worry about and that people put so much effort into fraud!-Kasey
Jan 25, 2017 09:02 PM
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA
Communication is very important. It does not to confirm with everyone your wire. Pick up the phone and CC to everyone on your team: escrow team, your RE agent and title rep.
Jan 25, 2017 11:30 PM
PBI Group - Ashburn, VA
Professional Liability Insurance for Agents
The worst part is that this scam is working very well. Here is a client's voice mail message asking if this is covered under their E&O insuance.. Unfortunately not :-( . Need to purchase Cyber Liability coverage.
Feb 17, 2017 01:00 PM
Rainmaker
962,055
962,055
Kerry L Klun, Broker/Owner
321-626-5868
Comments(5)