Berkshire Hathaway HomeServices Florida Network Realty Recommends Vigilant Awareness to Protect from Becoming a Victim

It is more important than ever to be vigilant about your personal financial information. Con artists are out to get your money and they are also out to destroy the American Dream.

Wire fraud is a growing issue for consumers and financial institutions involved in real estate transactions. Cyber-criminals have turned to wire fraud as a way to steal money from a home buyer during a real estate closing. Here is a typical scenario:

The homebuyer receives an email, which appears to be from the real estate company or the title company, regarding funds to be wired to an account for settlement. The email is actually from a sophisticated hacker posing as a representative from the real estate or title company. The hacker has broken into an email account to obtain information and has been monitoring the account to determine the time of a real estate closing.

The fraudulent email may look legitimate but it’s a scam. The email often will contain changes or new wiring instructions or routing information, and it will request that the buyer send transaction-related funds accordingly.

Read the rest of the story, which includes safety tips on how to protect yourself from becoming a victim, by visiting the Berkshire Hathaway HomeServices Florida Network Realty blog.