Wire Fraud is Real
What is Wire Fraud?
The scam generally works like this: Hackers find an opening into a title company’s, realty agent’s, or mortgage banker’s email account. They track upcoming home purchases scheduled for closing, then assume the identity of the title or escrow agent handling the transaction.
This sounds like a complicated process, but as technology continues to become more and more a part of our daily lives, the probability of being hacked has grown exponentially. According to data provided by the FBI in 2017, close to $1 billion was “diverted or attempted to be diverted” from real estate purchase transactions, and wired to “criminally controlled” accounts. That figure is up explosively from 2016 when the FBI counted $19 million in stolen funds.
Learn more about how to spot the signs of Wire Fraud here.
PRM Executive Vice President Eric Wiley elaborates on this growing epidemic in his recent article,
Real Estate Wire Fraud: The New Cybercrime Nightmare. Download your copy below.