Don’t Let Wire Fraud Ruin Your Transaction

January 17, 2020

Don’t Let Wire Fraud Ruin Your Transaction! How to protect yourself from Wire Fraud and theft.

Home buyers and sellers are at risk of being targeted by criminals, who hack your email accounts as well as your real estate service providers’ accounts (e.g., title agents, mortgage brokers, real estate agents, and lawyers), in order to trick you into wiring money to fraudulent bank accounts. These hackers make themselves appear authentic by including personal details they have obtained by hacking into their targets’ email and social media accounts. Here’s What You Need To Know HomeSmart, the Posh Team, nor any of our agents WILL NEVER EMAIL YOU WIRE INSTRUCTIONS, ASK YOU TO CHANGE WIRE INSTRUCTIONS, OR ASK FOR YOUR BANK ACCOUNT INFORMATION VIA EMAIL. If you receive an email or call allegedly from Team Posh which provides wiring instructions, it is fraudulent. Do not respond to it and please call your Posh agent immediately. Here’s What You Need To Do

Phone Verification

Verify all sensitive requests over the phone or in person, and never by email, even if they appear to come from someone known to you, even a HomeSmart employee. Call them using a known phone number. Don’t use phone numbers or links from an email.

Ask Questions

Ask specific questions of the other party that only they would know like what is their manager’s name or the last time you met them in person. After you wire money, call the title company within 4 to 8 hours to confirm they received it at the right account.

Treat New Requests Seriously

Treat any requests to change existing wiring instructions with extreme suspicion. Hover your mouse over email addresses to ensure the sender name and email address matches the hyperlinked address, and that all email addresses (including the @[ABC].com domain name) are exact. Check for poor grammar and punctuation in the body of the email. These are all signs of a potentially fraudulent email. Below, scroll through some examples of how criminals fake emails to steal your money. What To Do If You Are Targeted Call Your Bank Call your bank and ask them to issue a recall notice for your wire. Call within 24 hours for the best chance of recovering your money. Report It Report the crime to www.ic3.gov as well as your local police and regional FBI office (https://www.fbi.gov/contact-us/field-offices). IF YOU ALREADY WIRED FUNDS TO A FRAUDULENT ACCOUNT, TIME IS OF THE ESSENCE. GET THE FBI AND BANKS INVOLVED IMMEDIATELY. Fake Email Examples
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Here is an example of a legitimate email from the lender to the customer. However, a hacker has obtained access to this email account and is able to read it.
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Now that the hacker knows the emails and names of those involved in this transaction, they impersonate the lawyer to get information from the lender. Notice that the email has the same name but is from “gmail”, not “legalaide.com”. The hacker could also impersonate the buyer using this same strategy.
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The lender doesn’t notice and sends the hacker the closing date and wiring amount. With this information, the hacker can make their emails seem more authentic.
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The hacker then impersonates the lender and asks the customer to wire them money to their personal/fraudulent account. Notice that their email is from “gmail”, not “lenderusa.com”. Also, take note that they use poor grammar and a different signature than what Michelle was using in her other emails.