Wire Fraud in Real Estate
The Threat of Wire Fraud Is Real | From NAR
When NAR General Counsel Katie Johnson asked a group of real estate professionals whether they or someone they knew had clients that were victims of wire fraud, more than one-third of the audience at the Idea Exchange Council for Brokers raised their hands.
Johnson laid out the top legal friction points currently facing practitioners during the REALTORS® Legislative Meetings & Trade Expo in Washington, D.C. last week. Wire fraud topped the list as a sophisticated scam causing consumers to lose millions of dollars each year.
Hackers are gaining access to e-mail accounts through captured passwords, and they’ll search inboxes for messages related to real estate transactions, Johnson said. Once they find a victim who’s in the process of buying a home, they’ll send a spoof e-mail that looks like it’s from their agent, title representative, or attorney, and it will say there are “new” wiring instructions, which includes a fraudulent account. The home buyer will then unwittingly wire funds directly into the hacker’s account, Johnson said.
Jessica Edgerton, NAR associate counsel, presented suggestions during the Professional Standards Forum & Committee Meeting to help clients avoid falling victim to wire fraud.
6 tips for keeping the transaction secure:
The video below will also help educate your clients on the threat of wire fraud. Feel free to embed this video on your website or share it with your clients via e-mail or on social media.
Blog Archive2017-09-11 09:31:37
Denver Metro Real Estate September 2017 Market Report
Consumers Fear Another Housing Bubble
Denver Metro Real Estate August 2017 Market Report
Mortgage Rates Push Above 4% Average
U.S. market needs more homes to sell
Denver Metro Real Estate July 2017 Market Report
CFPB slams credit-repair companies targeting those searching for mortgages
1979 Reinell Cuddy Cabin Boat
Denver Metro Real Estate June 2017 Market Report
Fed announces rate hike decision June 14th
NAR Midyear Forecast: Existing-Home Sales Poised to Climb 3.5 Percent in 2017
Huge hidden costs in home selling revealed
Housing Market Update for April 2017
Job growth keeping mortgage interest rates at bay
Best markets for first-time buyers revealed
Fed official pushes for three more rate hikes in 2
3pm Hailstorm in Arvada
Chinese buyers compete with wealthy Americans in t
Denver Metro Real Estate May 2017 Market Report
FED HOLDS RATES STEADY - FOR NOW
Denver Metro Real Estate April 2017 Market Report
Denver Metro Real Estate March 2017 Market Report
Home-Price Gains Continue Strong - Report
Happy Nowruz to all
Click here to see ALL articles.