Typically at this time of year our Members are dealing with a higher transaction volume during year-end closings. Sophisticated e-mail scams are targeting the real estate industry and NAR Legal Affairs has developed a checklist to help real estate professionals avoid falling into any kind of fraudulent trap.
The targets of these scams include REALTORS, buyers, sellers, escrow agents, title agents and attorneys. From the NAR REALTORMag article:
“The criminal hacks into the e-mail account of a real estate agent or other person involved in the transaction and uses information that’s been acquired to dupe a party to the transaction, usually the buyer, into a fraudulent wire transfer. The hacker will send a legitimate-looking e-mail informing the buyer of a last-minute change to the wiring instructions, and that’s the last that’s seen of the money.”
Don’t become a victim! Take a few moments to read over the timely information in the links listed below:
Read the entire recent article by NAR here
The NAR Checklist to help protect you and your clients
NAR’s Data Security and Privacy Toolkit (To access the toolkit you must login on NAR’s website)