Warning: New Fraud Scheme Targeting Brokers Online

A new warning for brokers across the country: If you get an email inquiry through Zillow or any other third party real estate website that involves a customer asking about a listing and stating that they want a home just like this one, do not respond to the message if you have not had previous communications with the client.

Fraud attempts have been focusing on real estate brokers that use Gmail or Hotmail email accounts. The scammers have been hacking broker’s email accounts and are looking for closing wiring instructions contained within the body of emails. Once found, the hackers notify the buyer and change the wiring instructions to be sent to a trust account in New York. Once wired, the money is transferred outside the United States.

If you are working with a cash buyer or an out of state lender that requires a wiring notice, one way to keep your clients safe is to keep the communications between the title company and the buyer.