The U.S. real estate market and transactions are prime targets for wire fraud.
With the amount of money involved in these kinds of transactions, sellers and buyers should follow the highest form of caution when managing their funds in escrow.
- The main thing that a hacker may try to access first would be e-mails. Email fraudsters are master impersonators so make sure that when you are dealing with sensitive information, only send messages to trusted contacts. A phishing e-mail may appear legit at times but may also come from an illegitimate source. Calling your buyer or seller may solve this issue as you may verify right away.
- Make sure to keep your computers, mobile phones, and applications updated so that security and privacy are also updated.
- If something seems iffy, ask questions and verify information right away.
- Use a contract log with all your contact information rom the agent, real estate broker, attorney, buyer and seller.
Learn more about protecting yourself from cyber-crime here.