Fraud alert: Beware of efforts to divert wire transfers

Source/BigStock

Several Illinois real estate business are reporting scam artists are trying to divert funds that were to be used in real estate transactions.

The “phishing” attacks are wide-ranging, and seek email and password information from title companies, real estate brokerages and title agents. One method of attempting to gain access is to send emails to a business that purports to be from a legitimate source. The information is used by the scammers to divert wire transfers.

The best defense: Never give out information that can gain a hacker access to your account. And if there is any question about the source of an email, make sure you check it out with a phone call before responding.

For a guide to how to protect your business, there’s a good write-up on the U.S. Securities and Exchange Commission’s website.

 

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About Jon Broadbooks

Jon Broadbooks is Director of Communications for Illinois REALTORS®. He serves as editor of online and print content for the association's communications including the Illinois REALTOR® magazine and e-newsletters. He conducts spokesperson training seminars and oversees the operation of website development for the Association.

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