Wire Fraud
Wire Fraud Is Costing The Real Estate & Finance Sectors Billions Of Dollars.
The reality of losing money because of criminal activity can hit very close to home when it is your clients’ money that is lost or it is your law firm that transfers the funds into the fraudulent account.
WIRE FRAUD SCAMS COME IN ALL SHAPES & SIZES.
![Cyber Circle](/sites/catictitle/files/styles/portrait_510x600/public/2022-04/CyberCircleRoot_468x468_CyberCircle.png?h=f442f238&itok=H354F2vR)
Do You Know How To Recognize Them?
![Email bomb icon](/sites/catictitle/files/styles/wysiwyg_xxl/public/2022-04/40x25_WireFraudIcon_EmailBomb.png?itok=5IYmZMgK)
Fraudsters pose as a legitimate business and send an e-mail containing a link or an attachment to someone involved in the transaction, such as the attorney, paralegal or real estate agent.
![Paperclip icon](/sites/catictitle/files/styles/wysiwyg_xxl/public/2022-04/40x25_WireFraudIcon_ClickHere.png?itok=3U4SehUw)
Within those e-mails, the fraudster urges the recipient to click on the link in order to retrieve documents that they think are part of their closing.
![Paper on fire icon](/sites/catictitle/files/styles/wysiwyg_xxl/public/2022-04/40x25_WireFraudIcon_WireingEmailDoc.png?itok=r38lhVpY)
At a critical point, fraudsters know when to send an e-mail with wiring instructions AND call to confirm the receipt of the instructions.
![Fax icon](/sites/catictitle/files/styles/wysiwyg_xxl/public/2022-04/40x25__Fax.png?itok=sXSvHgy1)
If your email has been compromised, the Fraudster can send you bogus wiring instructions via your e-fax number, as people are likely to not expect something fraudulent coming from a fax number or the Fraudster may pose as a lender and send you a fake mortgage payoff instruction by regular fax or by e-fax.
THESE SCAMS CAN RESULT IN THE TOTAL LOSS OF FUNDS, CAUSING BOTH REPUTATIONAL & FINANCIAL HARM TO THE FIRM.
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