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Today, we’re going to talk about a scam that has been happening more frequently during real estate transactions. We’re seeing it show up a lot in Southern California.
Hackers will break into an email address to try to get information on a recent real estate transaction. Typically, they look for the closing date and the real estate agent’s email address. After creating a similar email address that may be off by one number or letter, they then send a message to the buyer asking for funds to be distributed to a specific account.
Usually, these hackers say that this account is for closing funds, or that the wiring instructions have changed. They make it look like a legitimate email from the agent. The money doesn’t go to escrow or to the settlement company like it’s supposed to. Instead, it goes to the hacker.
You have to be very careful about this. There are a couple things you should keep in mind. First, always use basic security with your email accounts. Change the password often, use difficult passwords, and don’t use the same password for multiple accounts. Secondly, keep in mind that wiring instructions will come from your escrow or title company, not your agent.
You usually get wiring instructions when you sit down to sign your closing paperwork, so if you get a random email during the transaction about wiring funds, that should be a red flag. Don’t reply to the email and don’t wire any funds. Instead, call your agent or the title company to confirm that they legitimately sent you that message.
If you have any questions, give us a call or send us an email. We would be happy to help you!
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