Wire Fraud - You are at risk

Wire Fraud You Are at Risk

Email-based wire fraud is a known risk in today’s real estate industry. It is important to know what is happening and how to minimize risk. What are fraudsters doing? Hacking into email accounts. Watching for transaction details. Using that info to pose as someone you know (realtor, title company, lender, seller, etc.)Waiting for a moment of distraction or anticipation. Giving “new” instructions for depositing money. Disappearing along with the money. What can you do? Protect your email!

Enable security measures like multi-factor authentication on email accounts. Pick up the phone!

If something seems strange, call a verified phone number to confirm. This is especially important before wiring funds. Slow down!

Hackers count on deadlines driving people to act quickly. Inspect every email!

• Subtle differences in email address (@firstam.com vs @firstam.net)

• Last-minute changes that don’t seem legitimate

• Improper grammar or common phrases being misused. Talk about wire fraud!

Make sure everyone involved in your transaction is aware. Ask what they have done to prevent hackers from accessing information.