Protect Yourself from Wire Fraud

Home Owners | Real Estate |

Just last month, my sister-in-law called me in a panic because she had just received an email from her agent asking her to wire $1,000 in additional earnest money that wasn’t stipulated on the contract.

She wanted me to review the contract before challenging her agent’s request to make sure there was nothing missing that she may have overlooked.

Long story short, it turns out that her agent’s email account was hacked and the hackers were trying to get my sister to wire them money.  They even went so far as to say they wouldn’t give her the fully binding contract that she had been requesting a copy of until she wired the money.

Luckily, she asked the right questions to protect herself and her money and didn’t fall for their scheme.

This scenario is VERY common.  Remember to remind your clients that they should NEVER accept wiring instructions via email.  And, they should ALWAYS call and verify the wiring instructions before wiring their money.

Our office has systems in place where any email sent or received that contains sensitive or personal information is all communicated securely.  Also, our wiring instructions are sent via a secure email that requires a password specific to each transaction to access.  We take security here at the firm very seriously and we have implemented many procedures firm wide to make sure the agents, their clients and we are protected.

The American Land Title Association has created a ton of videos and posted them to YouTube, one of which focuses on this very topic!  Check it out by clicking on this link HERE!

Also, we have an entire tab on our website called Resources dedicated to answering common questions associated with the buying, selling and closing process!  Click HERE to find out more!

Written by Megan Blanks, Marketing Director of McManamy McLeod Heller

*For informational purposes only.  Not to be relied upon as legal advice.  Nothing in this blog should be construed as creating an attorney-client relationship.  MMH is not responsible for, does not endorse or accept liability for any externally linked site or its content.  MMH does not give any representation regarding the safety, reliability or accuracy of the content or materials contained on any external website.