Quick Real Estate Search

Wire Fraud Resource Center

 

NAR's Cyber Security Checklist - Best Practices for Real Estate Professionals

 

WARNING – FRAUDULENT WIRE FUNDS:

Email hacking and fraud are on the rise to fraudulently misdirect funds. There have been more than $150 million in lost funds and more than 10,000 incidents in the last year alone.

This is a real issue that can affect you, the company, and most importantly our clients.

It isn’t something you just read about but has involved your fellow agents.

 

INCLUDING- 2 SERIOUS INCIDENTS INVOLVING OVER $200,000 IN ATTEMPTED WIRE FRAUD.

 

BE CAREFUL, DON’T FORWARD WIRING INSTRUCTIONS FROM ANYBODY TO ANYBODY FOR ANY REASON.

If there is an issue immediately refer to the Capstone Realty & Associates Wire Fraud Plan below.  Time matters in resolving these issues.  The first 24 hours are critical. 

Remind the client - Protect their money.  Verify everything. Call your trusted professional before sending money. And then check again.

 

Inform yourself by attending Anti-Fraud classes.

 

Capstone Realty & Associates Wire Fraud Plan

  • Step 1: Alert Capstone Realty & Associates:  Call the office at: 626-893-9955 or email at cs@capstonerealestate.us
  • Step 2: Report Fraudulent Wire Transfers to the Sending and Receiving Banks.
  • Step 3: Report Fraudulent Wire Transfers and Attempts to Law Enforcement.
  • Step 4: Call the sending bank again to confirm that the recall request has been processed.
  • Step 5: Inform the parties to the transaction (buyer, seller, real estate agents, title company, broker, attorneys, underwriter, notary, etc.) using known, trusted, phone numbers for verbal verification.
  • Step 6: Review your Incident Response Plan to determine if you need to update passwords, secure hardware, and review email logs to determine how and when email accounts were accessed.
  • Step 7: Consider contacting your insurance carrier(s) and outside legal counsel.
  • Step 8: If funds were wired out of the U.S., hire an attorney in that country to help recover funds.
  • Step 9: File a complaint with the FBI’s Internet Crime Complaint Center (IC3).

Additional Tips for Agents

 

  1. Warn Early and Often: Make sure your clients know about the growing and the looming threat of real estate wire transfer fraud.
  2. Educate: Remind your client that you will not send changes to wiring instructions or payment information
  3. Call: Tell your client to call you to confirm all wiring instructions, and soon after they make any wire transfers.