What’s the Problem?

• Wire fraud is reaching epidemic proportions
• The FBI reported in 2017 that nearly $1 billion was diverted or attempted to be diverted from real estate purchase transactions.
• One-way wire fraud happens is when hackers takes on the identity of the title agent with a very similar email address and the same logos and signatures that clients have seen in other correspondence. They then send the buyer instructions to wire the funds to a fraudulent account.
• Another form of wire fraud happens when hackers take on the identity of a seller by hacking their email account in order to divert the Seller’s proceeds to the hacker’s account.

What’s the Solution?

• Prior to the start of a real estate transaction change all your email passwords. Doing so may block a hacker who has been monitoring your email account.
• When you receive wiring instructions, take a few moments to consider the wiring instructions. Are you being asked to send the money to a bank located in the same city or state as the title company? Does the name of the account match the name of the attorney / title company? If something seems odd it’s worth your time to find out why.
• Verify the authenticity of each wire transfer request.
• Call the person or company, using a number you have previously called or verified on Google — not one from the current wire transfer request.
• Be very wary of any changes to wire instruction, email addresses or phone numbers, and urgent emails putting pressure on you to act immediately.