Wire Fraud

 

Wire Fraud
 

ALWAYS CALL OUR OFFICE OR YOUR ESCROW OFFICER BEFORE YOU WIRE.

Realtors®, Real Estate Brokers, Buyers and Sellers are targets for wire fraud, and many have lost thousands of dollars because they simply relied on the wire instructions received via email.

A hacker may break into a licensee’s email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker can send an email to the buyer, posing either as the escrow agent or as the licensee. The fraudulent email will contain new wiring instructions or routing information, and will request that the buyer send funds accordingly.

Lawyers Title is urging your clients to CALL BEFORE YOU WIRE, and never rely on email communication. Always follow these two simple steps:

STEP 1:

 

Obtain the phone number of your Real Estate Broker, Realtor® and your Lawyers Title escrow officer as soon as an escrow is opened.

STEP 2:

 

Call the phone number you wrote down from STEP 1, to speak directly with your Lawyers Title escrow officer to confirm wire instructions PRIOR to wiring. If you receive alternative wiring instructions supposedly from Lawyers Title, be suspicious as we rarely change our wiring instructions.