Wire Fraud on the Rise in Real Estate

The newest tactic for online scams is wire transfer fraud.  These scammers are hacking into Realtor emails and lying in wait till it’s time to close escrow.  At that moment, they send a FAKE email that looks legit instructing clients to transfer their closing funds to another account.  The Realtors are unaware the email has been sent unless the client asks.  If the client just believes the email and changes their wire instructions – they have sent their hard earned money to the scammers and will never see those funds again.

It is incredibly frightening for myself, a professional Realtor to think that my email could be hacked and faked and money stolen.

If at any point an email seems fishy, pick up the phone and call your Realtor or call your Escrow Officer to double check the wire instructions.

Wire Instructions come directly from the Escrow Officer – not the Realtor.  Most Escrow Officers will call the client to get the information OR the wire instructions are completed at the time the loan documents are signed, in person with the client and Escrow Officer face to face.

This day in age, technology is King but nothing beats face to face interaction – especially for the largest purchase of your life.  No Realtor provides Wire Transfer Information.  Wire Instructions are part of the Escrow Process and will come directly from the Escrow Officers.

I try my best to keep my clients safe.  I hope no one experiences this!  For more information click on the link below from the National Association of Realtors.

I read this article at: http://www.realtormag.realtor.org/news-and-commentary/briefs/article/voice-for-real-estate?om_rid=AACmlZ&om_mid=_BXDP9rB9MJqMbl&om_ntype=BTNMonthly

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

 

Advertisements

Published by

Sabrina Caton - The Caton Team Realtors

A native Californian with a passion for residential real estate and writing. A full time Realtor with Berkshire Hathaway HomeServices - Drysdale Properties.

3 thoughts on “Wire Fraud on the Rise in Real Estate”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s