CYBER SECURITY

HOW WIRE FRAUD HAPPENS

• The Breach: Email account hacking occurs when hackers gain access to the email account of someone involved in your real estate transaction, such as your agent, lender, or title officer. 
• The Bait: Posing as that professional, the hacker sends an urgent email that changes the wiring or payment instructions. 
• The Trap: Unaware of the scam, the buyer sends the funds directly to the criminal's account. 
• The Discovery: By closing day, the mistake is uncovered—but by then, the stolen money is usually long gone.

4 RULES TO PROTECT YOUR FUNDS

• Rule 1: Trust, but verify. Treat any email containing wiring instructions with immediate suspicion to enhance your real estate transaction security. 
• Rule 2: Call before you send. Before transferring a single cent, call your title company and your bank using trusted phone numbers to verify the routing details. 
• Rule 3: Call after you send. Confirm delivery immediately. Phone your recipient right after the transfer to ensure the funds landed in the right hands. 
• Rule 4: Sound the alarm fast. If a single detail feels off, freeze. Contact your bank, lender, and title company immediately. Lastly, if fraud has occurred, your local FBI office should be your next call, reinforcing your wire fraud prevention efforts.