Realtors®, Real Estate Brokers, Buyers, and Sellers are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email.
A hacker will break into an email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker will send an email to the buyer, posing either as the attorney’s office, the lender, or realtor. The fraudulent email will contain new wiring instructions or routing information and will request that the Buyer send funds accordingly.
Hill & Fischer, PC, is telling our clients to CALL BEFORE YOU WIRE and never rely upon email communication. Always follow these two simple steps:
Obtain the phone number of your Real Estate Broker, Realtor® and your Attorney and assigned paralegal as soon as you enter into a real estate transaction or any other transaction where a wire of funds may occur (ask your Attorney for their business card).
Call the phone number you wrote down from step #1 above to speak directly with your Attorney or assigned paralegal to confirm wire instructions PRIOR to wiring. If you receive alternative wiring instructions from Hill & Fischer, PC, be suspicious as we rarely change our wiring instructions.
ALWAYS CALL BEFORE YOU WIRE.
When in doubt, always call our office.