The New Targets
For Wire Fraud are
The Consumers

The New Targets for Wire Fraud are the Consumers

A recent Threat Alert released by the New Jersey Cybersecurity & Communications Integration Cell reports of a recent case where a New York Supreme Court Justice was defrauded of $1 million with regard to a wire transfer scam related to a real estate transaction.  I would like to say this is surprising news, but we have seen in our day to day operations that the focus of wire fraud attacks has shifted from the title companies’, settlement agents’ and attorneys’ bank accounts, to the consumers’.   The emails that our employees have identified as fraudulent tell that story.

We encourage all of our clients to communicate the dangers to their clients.  We also urge anyone who is or will be involved with purchasing real estate to take extra precautions before sending out funds by wire.  Make sure that you have sound wire instructions.  Never accept changes solely by email.  Never trust a phone number or email address sent to you along with a wire instruction change request.  Always contact your real estate agent, attorney or title agent directly by their known, published contacts and if possible speak to someone with whom you have a relationship already before sending money by wire.

Please take a moment to watch this video from the American Land Title Association which cautions against this very type of scam.

Download and share this Wire Fraud Warning with all of your buyers!