Cyber security is something that organizations and individuals need to be acutely aware of as more and more scammers, hackers and security flaws take hold. A recent discovery that we’ve recently been made aware of is wire transfer fraud when it comes to real estate transactions. In fact, scammers have been successfully targeting businesses with an email scam that leads to wire transfer fraud. Email spoofing is a method used by scammers where they change the email header to make it look like the email is coming from someone you actually know. Some of the most common scenarios for email spoofing are:

  • An employee receives an email from their boss, CEO, or COO requesting for an emergency wire transfer.
  • You receive an email from a vendor asking to change their address and payment information.
  • Buyers, Realtors and/or title companies receive an e-mail stating wire instructions have changed and to send wired funds to a different bank…of course the hacker’s out of country bank!

In the last 18 months, there has been over $1 billion in fraud from wire transfer scams, according to the U.S. Secret Service. It doesn’t matter if your company is large or small–this type of scam has affected companies of all sizes, especially companies that have international business. You should have strong IT, payment and purchasing controls to protect assets.

Real Estate Closing Solutions provides closing services to both the buyer and seller. As Orlando closing agent professionals, we are always looking to improve the real estate transaction process. For assistance or questions, contact our Dr. Phillips at 407-615-8550, or our North Orange Ave. office at 407-440-5025 today.