Real Estate Cyber Scams

Real Estate Cyber Scams – Professionals Beware

Real Estate professionals should be on the look out for all kinds of online fraud. There are many ways to protect yourself from fraudulent activity but the first is knowing that there are potential dangers out there for professionals and email communication is not wholly protected or private.

Wire Transfer Fraud is generally the most common in this area. An email hacker will hack in to your email account and monitor your correspondence. Prior to closing the hacker will generate an email to your client with specific data, account number and dates they have been collecting. They will request that instead of the first account to transfer funds, that rather the buyer transfer funds to an alternative account. The Buyer transfers the money into the scammers account and monies are wiped out. This is just one way!

Best Practices for Online Fraud Protection:

*Change your password and username frequently

*Avoid sending sensitive financial information via email

*Use encrypted emails

Report fraud to the Federal Trade Commission:

https://www.ftccoomlaintassistant.gov/#crnt&panel1-1