Wire Fraud is becoming a big issue. Every piece of communication from title companies has a warning about it. One of the ways the wire fraud happens is via email being hacked.
Some of the title companies are sending email attachments via encrypted sites.
I personally have gotten several emails from real estate agents from other states saying they want to refer a customer to me. The emails have had a suspicious sound to them so I google the supposed agent and then look at the email address the email came from. I have in every case called the agent directly to ask them if they had sent me an email. None had. Some of the emails were like mine which is at my website location but some have been with the major realty company name such as susy@majorNamerealty.com so that agent's company email was hacked.
One of the agents told me that she works in a high-end area with a lot of retirees who are paying cash and they have had a major rise in wire fraud. One client recently had their entire wire payment for their house stolen. They were paying "cash" in the over half million dollar range and it was stolen. One of this agent's client managed to save the money that they had wired.
What the article in Texas Realtor is about is the emails to the transactions are being hacked to divert the wiring of funds and what to do if it happens to you or your clients.
Don't let Scammers steal your Downpayment
The FBI does get involved due to the nature of the crime.
As Agents, we need to warn our clients about this and to be cautious. My last two buyers decided to bring cashiers checks to closing rather than wire. Did I mention one of those buyers is a president at a credit union? It had become the norm in the past for clients to wire funds. Easy and fast without a stop at the bank. But while we don't expect it to happen it is better to educate your client and let them decide what they want to do. After all, it is their money.
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