From the Legal Hotline of the MLS

This article is from the MLS (Multiple Listing Service of Long Island, Inc.) and I wanted to share it with you…

RISK MANAGEMENT – LEGAL TIP

BEWARE – CYBER FRAUD

There is a very sophisticated cyber fraud being committed against unsuspecting parties in real estate transactions.

The Fraudster hacks into the email of the real estate agents, buyers, sellers, attorneys, or bank to obtain all of the information about the sale of the house.  The Fraudster then sends a legitimate looking email containing all of the correct information and requests that a large sum of money be transferred into a designated account, claiming it is necessary for the real estate transaction to proceed.

The email looks so legitimate that people are complying and losing large sums of money.

Please communicate and educate your clients that such a scam exists.   Tell your clients that before transferring any funds to immediately call their attorney and/or the person claiming to request the wire transfer to confirm whether the request is legitimate.  Another good practice is to use encrypted emails, strong passwords, and change the passwords to your emails regularly.

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