{"id":5835,"date":"2019-11-19T08:05:03","date_gmt":"2019-11-19T13:05:03","guid":{"rendered":"https:\/\/dankrell.com\/blog\/?p=5835"},"modified":"2019-11-19T08:05:09","modified_gmt":"2019-11-19T13:05:09","slug":"real-estate-scammers-emailing-you","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2019\/11\/19\/real-estate-scammers-emailing-you\/","title":{"rendered":"Real estate scammers emailing you"},"content":{"rendered":"\n
\"real<\/a>
Business email scams (infographic from fbi.gov)<\/figcaption><\/figure><\/div>\n\n\n\n

The warnings of real estate closing scams were rapidly broadcasted in 2015<\/a> .\u00a0 And by 2016, there was awareness that criminals were wholeheartedly targeting all parties involved in real estate transactions through phishing emails.\u00a0 The phishing emails that were sent seemed legit, and in many cases appeared to have come from your agent or title company, but were actually sent by criminals intent on having you wire money to them.\u00a0 No one was immune from receiving these emails. Real estate scammers targeted home buyers and sellers, real estate agents, title companies and attorneys. <\/p>\n\n\n\n

The FBI (fbi.gov) categorizes this type of crime as Business E-mail Compromise<\/a> (BEC)\/E-mail Account Compromise (EAC).\u00a0 The scam didn\u2019t begin in 2015, but the FBI began tracking this type of crime in 2013.\u00a0 But it wasn\u2019t until 2015 that it seemed as if the real estate scammers used BEC\/EAC to target the real estate industry, and it spread ike a plague.\u00a0 And despite efforts by the real estate industry to prevent such crime, BEC\/EAC is on the rise.\u00a0 Real estate scammers have adapted and have become increasingly sophisticated.\u00a0 Many of the phishing emails (calls) are not distinguishable from the real thing.<\/p>\n\n\n\n

Statistics compiled by the FBI Internet Crime Complaint Center<\/a> (ic3.gov) indicate that there were 78,617 incidents of BEC\/EAC worldwide between October 2013 and May 2018.\u00a0 Over half of these victims (41,058) were in the U.S.\u00a0 Total global losses during this time period is calculated to be $12,536,948,299 (U.S. losses were $2,935,161,457).\u00a0 <\/p>\n\n\n\n

Unfortunately, the real estate industry has been a target of interest since 2015.\u00a0 According to FBI statistics, the number of BEC\/EAC real estate related victims increased 1100% between 2015 and 2017.\u00a0 So far, the highest number of BEC\/EAC real estate victims were reported in May 2018, while the highest dollar loss from real estate victims was reported in September 2017.\u00a0 The number of complaints and losses is likely correlated to real estate market activity (notwithstanding efforts to thwart such crimes).<\/p>\n\n\n\n

How do criminals know about your real estate transaction?\u00a0 The internet.\u00a0 Real estate scammers use information available on real estate portals to identify homes that are pending (under contract) along with agent contact information.\u00a0 The information is used to infiltrate agents\u2019 emails to compile client names and closing information to target everyone involved in the real estate transaction with phishing emails.\u00a0 The emails typically request changes in settlement funding.\u00a0 The changes can request wire in lieu of check, and\/or changes in the wire instructions (which would send funds directly to the criminals).\u00a0 <\/p>\n\n\n\n

The FBI has also described BEC\/EAC spilling over\ninto phone calls!  In addition to sending\nspoofed emails, the criminals are also calling you asking for personal\ninformation for \u201cverification purposes.\u201d \nExperts suggest you be cautious about calls asking for changes in\npayment types and\/or wire instructions. \nThe fake calls are so real such that victims have reported not being\nable to tell the difference. Security experts recommended that you create code\nphrases to verify phone calls with your agent and title company.  <\/p>\n\n\n\n

Experts also warn<\/a> of any communication that is exclusively email and\/or asks you to call for verification purposes.\u00a0 It is likely that any contact information listed in the phishing email is fake.\u00a0 If the email sender claims to be from the title company or your agent, call them directly to verify the authenticity of the email.\u00a0 If you receive any email requesting personal information and\/or changes in payment\/wire instructions, verify the email is legitimate by calling the sender directly (and use your code phrase).<\/p>\n\n\n\n

Original article is published at https:\/\/dankrell.com\/blog\/2019\/11\/19\/real-estate-scammers-emailing-you\/ <\/p>\n\n\n\n

By Dan Krell
Copyright\u00a9 2019<\/p>\n\n\n\n

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\"Protected<\/a><\/figure>\n\n\n\n

Disclaimer<\/a>.\n This article is not intended to provide nor should it be relied upon \nfor legal and financial advice. Readers should not rely solely on the \ninformation contained herein, as it does not purport to be comprehensive\n or render specific advice. Readers should consult with an attorney \nregarding local real estate laws and customs as they vary by state and \njurisdiction. Using this article without permission is a violation of \ncopyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

The warnings of real estate closing scams were rapidly broadcasted in 2015 .\u00a0 And by 2016, there was awareness that criminals were wholeheartedly targeting all parties involved in real estate transactions through phishing emails.\u00a0 The phishing emails that were sent seemed legit, and in many cases appeared to have come from your agent or title … <\/p>\n

Continue reading “Real estate scammers emailing you”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[270,382,405,13,202],"tags":[597,490,912,797,1030],"class_list":["post-5835","post","type-post","status-publish","format-standard","hentry","category-home-buyer","category-home-seller","category-homebuyer","category-real-estate","category-real-estate-scams","tag-consumer-protection","tag-home-buyer-2","tag-home-seller","tag-real-estate","tag-real-estate-scams"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-1w7","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/5835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=5835"}],"version-history":[{"count":6,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/5835\/revisions"}],"predecessor-version":[{"id":5845,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/5835\/revisions\/5845"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=5835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=5835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=5835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}