How to Protect Your Clients' Money From Wire Fraud

There is a new scam out there where hackers are watching your email while posing as real estate agents.

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Today, I want to talk about wire fraud and protecting your client’s money.

There is a new scam emerging out there where internet hackers are watching your email while posing as a real estate agent. They’re waiting for you to click on a certain link. You might see something come along one day from DocuSign, or your office, or another agent that you trust saying something along the lines of “Download this document,” or “Click here for more information,” or “Will you take this referral?”

Once you download this link, it will then ask you to sign into Google. What’s actually happening here when you “sign into” Google is that you’re giving away your username and password to these hackers. 

Initially, they don’t do anything with it. They just keep watching your email transactions, waiting patiently. The instant they see a set of wiring instructions, however, is when they strike. They take those wiring instructions and modify them to match their own banking information. They then send that information back to the escrow company, absconding with your client’s proceeds, earnest money, or sometimes even the bank’s proceeds. It’s a scary thing, and I’ve seen multiple escrow companies here in San Diego get hit to the tune of a million dollars each.

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Always verify attachment links that look fishy by calling the escrow company.

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So be aware, and be careful. Whenever you’re looking at an attachment that feels fishy, don’t hesitate to pick up the phone and call the escrow company. When your clients are sending wiring instructions or wiring money to the escrow company, talk to the escrow officer and confirm where they’re sending that money.

Hopefully, this helps you in your business. If you have any more questions, feel free to call us up or send an email.