Wire Fraud is Not Fun
Hours on the phone, agony, fear, torment and plenty of tears with nobody that will help because they are too busy covering their ass. If only you could understand, wire fraud is not fun!
Anyone that has suffered a wire fraud event can tell you, its methodical, unexpected and usually done before anyone can react. And here is the kicker … no one cares as much as the person that has it happen to them. If you think the bank or the realtor or the title company is going to come running to your defense, I got news for you … they won’t.
Real estate wire fraud is huge, and it all starts with those fortunate few that have all their hopes and ambitions looking to the future of home ownership. I hope that this could be solved but it is highly unlikely to ever go away.
Simple reason: Social Engineering
No matter what security measures are in place (even blockchain solutions) humans are humans and technology may change but humans do not.
The standard operating procedure of real estate wire fraud goes like this.
1. Hackers identify pending home sales from the MLS (Multiple Listing Service), Zillow and Trulia
2. Hackers then profile the situation (all public information) like the realtor, title company, buyer(s), seller(s) and banks.
3. After hacking in they wait and watch, emails back and forth and when the time to strike ....
4. Send false wiring instructions (usually in email) to make off with the down payment, closing costs or mortgage payoff.
Its called spoofing email accounts. Its the most common and easy method hackers use.
***Double Triple Check
***It's up to you to be vigilant and check and re-check everything. Hackers can create an email that seems so convincingly real, that people just click and go or just copy and paste.
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