Real Estate Wire Fraud is up over 1,000% since January 2015

According to local escrow companies, real estate wire fraud is up over 1,000% since January 2015!

Hackers are gaining access to email accounts through captured passwords. They’ll search email accounts for messages related to real estate transactions. Once they find someone who’s in the process of buying a home, they’ll send a spoof email that looks like it’s from their agent or escrow company, and it will say there are “new wiring instructions", which includes a fraudulent account. The home buyer will then unknowingly wire funds directly into the hacker’s account.

Never wire funds following instructions you received from escrow or your agent via email. Always have a follow up conversation on the phone, or better yet in person, to verify wiring instructions.

You can never be too careful, because once the money is gone - It's Gone.