Wire Fraud: What You Need to Know

Internet scams and frauds are all over the web. Unfortunately, they have also begun leaking into real estate. This is their latest scam.

Hackers get into lender and title company’s secured information and find out when someone is about to close on their home. Shortly before closing, the hackers send an email that looks like it is coming from the title company and tells the buyer that the instructions for wiring the money have changed. If you are fooled and send your money to this new account, the accounts are always off shore and your money gets stolen.

Being aware of this, I’ve stopped giving any money wiring instructions via e-mail and only speak about money wiring instructions in person. If someone works with me out-of-state, we verify all account information via phone, never email.

If you’re buying or selling a home in the near future- double and TRIPLE check that you’re sending your money to the right company- don’t get scammed!

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