Real estate agents and others involved in home transactions have become increasing targets for hackers

A report by the FBI’s Internet Crime Complaint Center said the number of victims of email fraud involving real estate transactions rose 1,110 percent between 2015 to 2017 and losses rose nearly 2,200 percent.

Nearly 10,000 people reported being victims of this kind of fraud in 2017 with losses over $56 million, the FBI report said.

Numerous cases have been filed in courts around the country seeking restitution from various parties. One couple in the US capital Washington claimed to have lost $1.5 million in a similar fraud scheme.

Real estate is just one segment of what the FBI calls “business email compromise” fraud which has resulted in some $12 billion in losses over the past five years. But for home buyers, the fraud can be particularly catastrophic.

Lawsuits from consumers often target real estate agents, attorneys, escrow agents, banks and settlement companies that prepare documents for deals.

“There are a lot of people involved, and (fraudsters) can hack into any one of these parties,” said Finley Maxson, Senior Counsel at the National Association of REALTORS®.

“These emails have become much more sophisticated, they are much harder to catch.”

Maxson said the REALTORS® and other associations are moving aggressively to educate all parties involved about the potential for fraud and the need for better security.

“We’re telling people they should never give these (wiring) instructions by email,” he said.

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