Important Wire Fraud Alert for Home Buyers and Sellers and Their Agents
Posted by Cary W Porter on
Attention Real Estate Brokers: Buyers and Sellers are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email.
A hacker may break into a real estate licensee’s email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker may send an email to the buyer, posing either as the escrow agent or as the licensee. The fraudulent email may contain new wiring instructions or routing information, and request that the Buyer send funds accordingly.
With scammers increasingly targeting real estate transactions, the National Association of REALTORS® is teaming up with the…
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