Commercial and Residential real estate transactions have become a focal point for hackers to access emails and steal information, which leads to stealing money.
These thieves hack into escrow participant’s email accounts to obtain information about upcoming real estate transactions. Once in they see information from brokers, attorneys, lenders and title companies. They will monitor the email account to determine about when the closing is scheduled and then alter original documents from the participants to change the closing and/or where the closing funds are to be wired.
The Buyer will get altered documents telling them there has been some kind of bank problem and they are now asking them to wire their closing funds to a new account. The Buyer is the only one that sees this email, even though this altered document originally could come from their attorney, broker, lender or title company. Unless the Buyer calls their title company to verify the wiring instructions there is no way to protect them or recover their money once it has been send to the thieves.
INQUIRE BEFORE YOU WIRE for any real estate transaction YOU are involved with. You could make the difference between a successful closing or a terrible loss.
Please let me know if you have any questions.