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Agents – Be Aware of Wire Fraud Scam

There is a new wire fraud scam of which real estate professionals need to be aware. Many agents and/or title companies send wiring instructions to their clients to deposit funds into escrow by email. Email hackers are obtaining these emails and sending updated instructions to clients with wiring instructions into their own accounts. Unfortunately, clients believe these emails are coming from agents or the title companies and are wiring their money into the hackers’ accounts. This is creating a lot of issues in transactions.

It is recommended that agents have clients communicate directly with the title company regarding wiring instructions. It is further advised that agents use secure servers to send emails to their clients. For example, agents should consider using their company’s email, as most companies have a secured server which will limit the chances of hacking. Agents should not send emails from publicly accessed emails or through Wi-Fi.

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