A reported 13,638 people were victims of wire fraud in the real estate sector in 2020 (a 17% increase over 2019) with losses of more than $213 million), according to FBI data.
These fraud schemes are becoming rampant and everyday these criminals become more and more sophisticated. By engaging in routine, seemingly harmless communication, criminals bait users into giving their personal information or clicking a link that allows hackers to steal log-in information and passwords. Typically, a method called phishing in the form of email messages, website forms or phone calls is used to fraudulently collect personal information. When this personal information is obtained, the target is set and often times is used in attempts to gain access to wiring of funds.
Don’t become a victim of wire fraud! Education is key to prevention. This page’s purpose is to give you the knowledge and tools needed to recognize wire fraud attempts.
Combat cyber crime. 10 steps to improve cybersecurity as an individual broker or agent as well as policies for your entire organization.
Federal authorities have announced a major crackdown on BEC scammers who are trying to intercept and hijack down payment wire transfers.
What’s important to remember is that even with all the internet protections available today, humans are the primary targets and often the weakest link. The best defense is to be aware and prepared.
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