Prevent Wire Fraud from Stealing Your Windermere FL Real Estate Property

Windermere FL real estate wire fraud

The threat of wire fraud in the Windermere FL real estate market is real. In Florida and across the country, hackers are engaged in the game of intercepting emails and stealing money from buyers in the process of buying homes for sale in Central Florida as well as other locations. This can be devastating to all the parties involved. Buyers lose thousands of dollars, realtors, and real estate companies lose business, and sellers aren’t able to sell their homes.

If you haven’t heard about the wire fraud scheme plaguing the real estate market, including homes for sale in Windermere, then read on to learn how it works and what you can do to prevent yourself and your clients from falling victim.

How it Works

The process starts when a hacker is able to get access to a realtor’s email. Once the inbox is available, the hacker will then go through any email transactions that may have been taking place between a real estate office and potential buyers. Impersonating the realtor, title agent, or attorneys involved, the cybercriminals will then send legitimate looking emails to any of the clients who are in the process of purchasing a home with new instructions.

These new emailed instructions will advise the buyers of particular wiring instructions where their monies need to be sent. Of course, this is a fraudulent account. It is set in place so the funds can be wired directly into the scammer’s account. Once the money is received, the account will be closed immediately.

Sometimes it takes days before anyone is even aware that a problem has occurred. By then, the account is closed and the cybercriminals have moved on and are hunting other real estate victims.

Prevention is Key

The best way to not fall victim to wire fraud hackers is through prevention. Many real estate offices have chosen to implement a “No Email” policy between realtors and clients when it concerns sensitive information. Windermere FL real estate professionals should advise their clients of the policy and the reason why advising them that they should never wire money without speaking to them first.

Desktop and mobile security applications should be installed on all devices that are used to correspond regularly with clients, financial institutions, title companies, real estate attorneys, and others. Other preventative measures that realtors working in the Windermere FL real estate market should have in place follow below.

  • Always use strong passwords.
  • Update passwords on a regular basis.
  • Never use a free email account to correspond with business contacts.
  • Never use free WiFi when corresponding with business contacts.
  • Move important email information into a secure, separate location outside of the email account.
  • Implement a Data Security Program.

Although we sometimes think that things like this will never happen to us, it isn’t worth the risk. Hundreds of thousands of dollars have been lost by home buyers and homes all over the country, just like Windermere FL real estate properties, are never funded or bought because of cyber criminals. Don’t let that happen to you and your home buyers. Be aware and share the information. It doesn’t have to happen to you.

Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
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