It’s Spooky Season. Watch Out for These Frightening Frauds.

It’s spooky season and also Cybersecurity Awareness Month. In our industry, wire fraud lurks even scarier in the shadows. It can send shivers down your spine if you’re not prepared. Share this information with your buyers and sellers to save them from these spooky scenarios.

The Haunting Tale of the Fake Title Company

This hair-raising tale begins with fake title companies. A fraudulent email, dressed as a title provider, provides wire transfer instructions. Clients, thinking they’re responding to a genuine request, send their funds, and the money vanishes into the fraudster’s account.

Avoid the scare! Confirm wiring instructions in person or over the phone using a verified number to remove the mask. (Legitimate title companies rarely change their banking details, and requested changes that require swift action should be concerning.)

Possessed Portals

In our next spine-tingling tale, scammers set up fake listings on property portals. They create dream rental listings that entice eager clients and ask for a deposit or the first month’s rent via wire transfer. The listing vanishes when the funds are sent, leaving the client feeling ghosted.

Avoid the scare! Only wire money based on online listings after verifying property details and ownership. Always meet with the agent or landlord in person and use safe payment methods that offer some protection.

The Bewitched Email

Our last tale features cursed emails designed to steal personal information. Cyberattackers intercept or mimic legitimate email threads between agents and clients. They subtly alter banking information, hoping clients won’t notice and will wire funds to the wrong account.

Avoid the scare! Be vigilant for subtle signs of a phished email, such as typos, changed email addresses or an unnecessary sense of urgency. Establish a two-step verification process for financial transactions, like a voice call.

As you enjoy October’s many festivities, don’t forget to take the time to safeguard against wire fraud. You can enjoy a transaction experience that is all treats. Call us the next time you are ready for a closing that has the best interest of all parties involved.