Why Our Emails Look Funny – For your protection our emails are encrypted
In a 2016 survey underwritten by JP Morgan Chase (which included respondents from the real estate industry) 48% of businesses were exposed to wire fraud in 2015, up from 27% in 2014. That’s an astonishing 21% in one year.
How do you protect yourself? Fraudulent wiring instructions are being sent to real estate agents, title agencies and customers. Be wary of free, web-based email accounts, which are more susceptible to being hacked. Always verify changes in vendor payment location and confirm requests for transfer of funds. Finally, regarding wire transfer payments, be suspicious of requests for secrecy or the pressure to act quickly.
Think you might be a victim? Proceed to do the following;
- Using a previously known phone number, call the supposed sender of the email to authenticate the change request.
- Immediately ask to verify receipt of funds.
- Was your Fund Transfer Agreement signed? Reach out to Access Title Agency today for more information.
- If you suspect fraud, immediately notify the financial institutions involved in the transaction.
- Contact your local authorities, and file a complaint with the FBI’s Internet Crime Complaint Center.
- Last but not least, change your passwords.