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Friday, April 22, 2016

Avoiding The Latest Real Estate Fraud Scam

The National Association of Realtors (NAR) has created a video for home buyers to help them avoid getting caught up in the latest scam that crooks are using to dupe home buyers and steal their money. This involves hacking into the email accounts of Realtors or Mortgage Companies or Title Companies and issuing last minute changes to wiring instructions.  Click here to watch the NAR video.

Unfortunately, too many people still trust emails that look legit and appear to be coming from the email address of a person with whom they may be dealing on a home buy. The wiring instructions are usually just forwarded to the buyers' bank and the people there just follow the instructions. Before anyone catches the ruse,the crooks have made off with the funds that were transferred to buy the house. There nay be nothing that can be done, but at best it will delay the closing while the banks try to recover the funds.

Don't let the crooks fool you. Always double check with whoever you think sent the email to confirm the instructions or changes to instructions. Last minute changes to wiring instructions seldom ever really occur like that in legitimate deals.

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