04/24/2017
Fraud Scheme Targets Real Estate Investors!
While the scheme has been around for a while targeting title companies, lenders and real estate agents, it now seems to be targeting Real Estate Investors. The fraudsters hack email, and send notices out to real estate investors/borrowers as if they are coming from their lenders (it looks really convincing) giving some reason why they need to change the normal way of paying, then they attach new wire instructions for your use. Once you wire funds, they are almost impossible to retrieve and you are out the money.
I have spoke to a few other lenders and they have had clients exposed to this scheme, some lost thousands of dollars. One of our clients was targeted recently in the scheme, fortunately she called us prior to sending the wire. We have filed the attempted fraud with the FBI. The agent involved, said this is a common scheme and has been going on nationally. While the scheme is known, that won’t help get your money back!
If you must wire funds to anyone, protect yourself and do your due diligence prior! Something lenders and title companies have taken to safe guard themselves is to verbally verify all wire instructions with the receiving party prior to issuing a wire. In doing this, you should call a known phone number, not by calling a number listed in the email.
Better to be Safe, than Sorry!
