One of the largest purchases you will make in a lifetime involves electronically transferring large sums of money when purchasing a home. Protect yourself from sophisticated fraud schemes that target real estate transactions!
This is so real that the NAR, National Association of Realtors®, issued the following warning on their website. This warning can’t be overemphasized as well as the tips that follow:
“Criminals are hacking into the email accounts of real estate agents or other persons involved in a real estate transaction and using information gained from the hack to dupe a party into a fraudulent wire transfer. The hackers often send an email that appears to be from an individual legitimately involved in the transaction, informing the recipient, often the buyer, that there has been a last minute change to the wiring instructions. Following the new instructions, the recipient will wire funds directly to the hacker’s account, which will be cleared out in a matter of minutes. The money is almost always lost forever.”
Tip One
Always … always use extreme caution when sharing anything involved in real estate transactions with anyone. Email isn’t the best way to communicate wire information. Using a phone, to a trusted and verified number, is much safer.
Tip Two
Confirm any “last minute” changes with all involved by phone or in person. Don’t leave this up to your email, as these scammers target email accounts.
Tip Three
Use extreme caution with links in email messages. There is no reason to have complete confidence that the sender is valid and where you will land is safe. One scheme scam artists use is “chick here to review the document” or “click here for a private message.” No context = no click! No exceptions!!!
Take security into your own hands. While we have come to rely on electronic conveniences, you can slow things down and protect your down payment. Human interaction is the key here.
If you have questions about real estate transactions, contact me. I’d be happy to help you through the process.