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You are here: Home / Uncategorized / STEP 33 – TO SELLING YOUR HOME – BEWARE OF WIRE FRAUD

STEP 33 – TO SELLING YOUR HOME – BEWARE OF WIRE FRAUD

May 18, 2023 By Andi Leave a Comment

Unfortunately, one of the not-fun parts of buying or selling real estate is that you become a target for cybercrime, phishing schemes, and wire fraud. Hackers target home Buyers and Sellers by attempting to hack, not only your email account, they try hacking any institution involved in any transaction (us, your Attorney, your Lender, the Title Company, etc.). Doing so allows them to send fraudulently – yet incredibly legitimate-looking emails to you with false wire transfer instructions and even real phone numbers that will confirm instructions if called. The threat is real. Billions have been lost, and recently Whatcom County residents have lost money because they didn’t independently verify that an email they got was real and followed the wire instructions in the email. I do not want that to happen to you.

For more information on cybercrime as a whole, here’s an IMPORTANT video with tips to prevent it:

  • https://www.youtube.com/watch?v=VW5TKGym5J4

Once you go under contract, be on guard for out-of-the-ordinary communications from then until closing. Ask your attorney if they are aware of cybercrime issues if their email has ever been used in a client attack and ask what their closing procedure communications are and how you should expect to receive the wire transfer instructions and when. Know that I will NEVER send you any wire transfer instructions.

Carefully read any closing instructions and title company information once you receive wire transfer instructions. False email addresses, company phone numbers, and contact information can have subtle differences from their real counterparts, so use Google to confirm them before inquiring.

Do NOT wire transfer your funds more than 1 day before closing! Hacker tactics range from telling you to “wire money immediately” and “not to call your agent or attorney because they are busy.” In the event of wire fraud, it’s nearly impossible to get funds back after 24 hours which, is why the hackers create a sense of urgency in their emails.

Hackers have recently started asking for confirmation of personally identifiable information through spoofed emails for identity theft purposes. From here until closing, think twice before sending W2s, social security numbers, bank account statements, or other personally identifiable information through email. Likely the only person who will need these items is your lender, so talk to your lender ahead of time about dropping these items off in person or uploading them to a secure portal. I will NEVER ask for personal information such as a W2, social security number, copy of your driver’s license, etc. nor will I ever ask you for any money.

If you feel as if you’ve mistakenly wired money, call someone on your closing team immediately and report it to the FBI here: ic3.gov/default.aspx.

It’s best if you can avoid wire transferring money if at all possible. Therefore, once you go under contract for earnest money payments, we recommend dropping off a personal check as it’s the most secure option available. For the closing day, instead of wire transferring money, you can bring a cashier’s check IF the amount you owe for the down payment and closing costs is LESS than $50,000. If it’s more than $50,000, then legally, your only option is to wire transfer the funds.

We have put a lot of systems in place to safeguard our email system and your data. There are also things you can do to make it harder for a criminal to hack your email. Never use free public Wi-Fi such as at the airport, your favorite coffee shop, etc. Instead, use your cell phone as a portable hot spot or buy your own hot spot to use when out and about (we have and love our Verizon hot spot). In addition, don’t click on links in any emails, and don’t click on that “What’s your favorite type of puppy” survey online as those are often the way hackers get into your system.

Feel free to reach out to us at any time with questions. We are never too busy to talk with you.

Questions? Contact us at andi@andidyer(dot)com or 360-734-6479.

This content is not the product of the National Association of REALTORS®, and may not reflect NAR’s viewpoint or position on these topics and NAR does not verify the accuracy of the content.

Copyright © 2022 Andi Dyer and Sterling Real Estate Group.  All rights reserved.

Filed Under: Uncategorized

About Andi

World-wide traveler. Excellent shot. Lover of Cairn Terriers (specifically Shaymus). Vegetarian. Enthusiastic, yet amateur beer brewer. Licensed, independent Real Estate Broker and Designated Broker for Sterling Real Estate. I have the inside knowledge of the 'diamonds in the rough' hiding throughout Whatcom County. Want to learn more? Contact me at AndiDyer@gmail.com

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About Andi

World-wide traveler. Excellent shot. Lover of Cairn Terriers (specifically Shaymus). Vegetarian. Enthusiastic, yet amateur beer brewer. Licensed, independent Real Estate Broker and Designated Broker for Sterling Real Estate. I have the inside knowledge of the 'diamonds in the rough' hiding throughout Whatcom County. Want to learn more? Contact me at AndiDyer@gmail.com Read More…

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