Wire Fraud In Real Estate FBI Warning

Dated: 05/25/2017

Views: 625

The attached report was posted by the FBI, as a Public Service Announcement, regarding the current and continuing wire fraud scam that has affected title companies throughout the country, as well as many other financial institutions, businesses and individuals. This scam has been going on for quite some time and the perpetrators are becoming more and more bold and go so far as to call our offices to perpetuate the scam by requesting an urgent and immediate change in wire instructions, bank account information, etc. 


What are the latest tactics?
Fraudsters create emails that appear to be from an escrow officer—known as “spoofing”—and ask your clients to re-route funds needed to close their transaction. And, because they know responsible settlement professionals have begun using call-back procedures to validate and verify emails regarding wiring of funds, thieves also may try calling your clients using prepaid “burner” phones and applications that can spoof the caller ID of any phone number the caller chooses—even valid phone numbers of actual businesses.


How do they get the information?
The fraudsters hack and monitor non-secure communications between agents, buyers and sellers to gather information about the transaction. They then copy an email template and pose as the escrow officer in a message to clients. They may even add publically available information about the “sender’s” personal identity that can be found on flyers, company web pages and social media to help make the message appear legitimate to the unsuspecting recipient, who then acts accordingly not realizing that their response is being routed to a hacker who is trying to steal their funds.


What can you do to help prevent this fraud?

As the article states, it is a 5 billion dollar scam and the figures are increasing daily. Wire fraud is very real. We are passing on this information to you, our clients, so you are aware of this scam. American Title’s policies and procedures have changed regarding wire instructions, and how they are to be received and sent.Please read the attachment to familiarize yourself on what to do if you become a victim of these internet crimes. In addition, please be mindful of how you remit wire information to the title company. Please be very diligent and make sure that you communicate directly with the title company and get wire information directly from the title officer. 


Get the Report by clicking the image below


Image title



Hope this helps you and if you need anything please let me know!



Looking for adequate space in your home? Check out these listings in the 85086 zip code that provide large living areas:

{search: http://david.arizonaspro.com/index.php?quick=1&display=All%20anthem%20Properties,%20&multi_area_search=anthem&types[]=1&beds=0&baths=0&min=0&max=100000000}

If you're interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here -  AnthemDesert HillsNew RiverPhoenixMesaScottsdaleTempeGlendale or Surprise.

Blog author image

David and Donna Patterson

Your Partner in Real Estate I am the Designated Broker at Quantum of Arizona, REALTORS. My wife Donna and I started the company in 2009 and have been growing ever since. You know people don't talk ....

Latest Blog Posts

What Impact Will The New Tax Code Have on Home Values?

Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months. Below is

Read More

Things to Do February 2018

 Buckeye Air FairCelebrating more than 50 years of aviation with a vintage aircraft museum on the field, vendors, exhibits, and a science and technology expo. Free admission. February 3

Read More

Things To Do January 2018

BEYOND THE BRICKSHead down to Hayden Square Amphitheater every Thursday for Live Music, Beer + Wine, and Food from Downtown Tempe Eateries. Bring a blanket and get ready to listen to some tunes or

Read More

Things To Do In Phoenix December 2017

LIGHTS OF THE WORLDNov. 16, 2017 - Jan. 2, 2018 While there is a Christmas zone, this isn’t just about Christmas. This huge festival of lanterns and lights celebrates regions and cultures of

Read More