Why Does Real Estate Wire Fraud Happen?
Why does real estate wire fraud happen? Because it can. It is really that simple. Buying and selling real estate can be exciting – and also very hectic. And while everyone is making plans for the future, scammers are out there just waiting for their moment to shine. When you aren’t using the right tools, unwanted guests […]
Key Takeaways From the FBI’s 2023 Internet Crime Report (IC3)
As the latest Internet Crime Report is released reflecting the 2022 statistics for internet-based crimes, including those that impact the real estate industry, we are once again reminded that we have a long way to go. More businesses need to implement innovative software and other defenses to protect consumers – and education, of course, is […]
6 Ways to Prevent Wire Transfer Fraud
Wire transfers happen every day in real estate – and most involve large sums of money. It should be no surprise that this industry has caught the eye of hackers and scammers around the globe. They successfully make a living by stealing closing costs through wire transfer fraud in so many different ways. Using emails […]
Payoff Verification: What the Real Estate Industry Needs to Know
Payoff Fraud is on the Rise It might be tempting to assume this increase in scams was made possible by the ongoing COVID-19 pandemic, but that’s not the case. Payoff fraud was becoming more common well before the pandemic began. Predictions from years ago claimed that this method would overtake buyer-side fraud in “the coming months.” That […]
Escrow Scams: What Every Title Company Should Know
E-commerce continues to gain popularity in the real estate industry and elsewhere. As a result, it’s more important than ever to make sure your title company has a plan in place to deal with escrow scams. These scams, which involve fraudsters posing as trustworthy escrow services during real estate deals and other transactions, have exploded in […]
How Do You Protect Your Clients From Wire Fraud?
These days, just about everybody working in the real estate industry knows that wire fraud is a serious problem. Despite this, it’s easy to underestimate how massive this issue has become. According to the FBI, an estimated 13,638 individuals fell victim to real estate wire fraud in 2020–a number 17% higher than 2019. So, how do you […]
4 Ways To Prevent Real Estate Fraud
Real estate fraud hurts everyone but the scammers themselves, including trustworthy home buyers, real estate agencies, and attorney offices. And the problem is continuing to grow. In 2019 the FBI looked into 23,000 complaints related to Business Email Compromise, or types of fraud where legitimate email accounts belonging to businesses are hijacked or impersonated by scammers. […]
Why You Should Stop Emailing Out Wire Instructions
It’s not a great idea to open emails from Nigerian princes, but it’s a terrible idea to actually wire those princes any funds, no matter how great the promised payout is. So, what about when you’re working with a credible title agency or settlement company on the sale of a property? Sending and receiving documents […]
ZDNet – Don’t want to get hacked?
Insert Headline CISA (US Cybersecurity and Infrastructure Security Agency) warns of risky behaviours that leave networks exposed to cyberattacks – and should be addressed immediately if employed. FULL ARTICLE →
Educating New Homebuyers About Wire Fraud in Real Estate
The entire mortgage closing process to close on a new home – and get the keys in hand – can be exhausting for new homebuyers. As you know, there is a lot that goes into buying a home – many careful steps must be taken and a lot of paperwork needs to be drawn up, reviewed, and […]