News Brief - October 2018
River Bluff Title, LLC keeps you up to date on what's happening in the real estate world.
What's in this issue:
- Beware of Wire Fraud Schemes when Buying a Home
- While Cyber Criminals Continue to Target Real Estate Transactions, Take These Protective Measures
- Home Buyers (and Realtors) Beware: Fraud Can Come to Your Inbox
- And more
Beware of Wire Fraud Schemes when Buying a Home
Buying a home is an exciting time. You’ve saved, found the perfect home and planned the move. Now, the closing day for your home is just around the corner
By: American Land Title Association, June 22, 2017
While Cyber Criminals Continue to Target Real Estate Transactions, Take These Protective Measures
John Dillinger, Jesse James, Bonnie and Clyde — these were some of the most notorious thieves in U.S. history. But for as much as these gangsters stole, they don’t hold a candle to the amount of money that can be lost due to acts of faceless online criminals
By: Amie Niesen, Land Title Company of Alabama, contributor Forbes Real Estate Council, July 11, 2018
Home Buyers (and Realtors) Beware: Fraud Can Come to Your Inbox
You get a lot of emails. And if one came from what appeared to be a title company or a lender and you had never bought a home before (or hadn’t purchased one in a while) you might take a request to wire your down payment as some kind of new, modern way to do it.
By: Bethany Erickson, Public Policy Columnist, CandysDirt.com, September 9, 2018
Scammers Are Tricking People Out of Enormous Payments as They’re About to Close on a House
It’s a nightmare scenario for any homebuyer: the day before closing, a scammer manages to trick you into wiring your down payment to an offshore account.
By: Kate Fazzini, CNBC, September 2, 2018
How Homebuyers Can Avoid Being Scammed
Homebuyers, beware: It takes the average single person 11 years to save for a down payment on a home, and in an instant, it can be taken from you by hackers during your closing.
By: Alyssa Pry and Jeanie Ahn, Yahoo Finance, September 7, 2018
Managing Cyber Risk in Commercial Real Estate
While there’s no doubt that technology has made real estate transactions faster, more streamlined and more user friendly for today’s real estate buyers, sellers and professionals, it has also made these same audiences more vulnerable to cyber criminals who are looking to cash-in.
By: Dan Maier, Commercial Property Executive, July 16, 2018
Protecting Your Transactions from Wire Fraud
About 9,600 people were victims of wire fraud in the real estate and rental sector in 2017, with losses of more than $56 million, according to FBI data
By: REALTOR® Magazine, Daily News, July 12, 2018
Licensee Liable for Wire Fraud Losses
Kansas federal court upholds jury verdict that determined that a real estate licensee was 85% responsible for the buyer’s losses, which occurred when the buyer transferred purchase money to fake account after licensee allegedly forwarded email containing fake wiring instructions to the buyer.
By: National Association of REALTORS®, Legal Case Summaries, July 25, 2018
First American Home Ownership Center
- Email Security Tips | http://www.firstam.com/ownership/email-security-tips
Cyber fraud is on the rise, largely due to compromised email accounts being used to initiate wire fraud and other financial crimes.
- Protect Your Real Estate Transaction | http://www.firstam.com/ownership/protect-your-transaction
Be aware that cyber criminals may be scheming to steal your personal information and your money
- Be Cyber Smart | http://www.firstam.com/ownership/cybersmart
Whether or not you are considering a major financial purchase like buying a home, there are some simple but important ways you can protect yourself from online fraud and identity theft.
Filing a Complaint with the Internet Crime Complaint Center (IC3)
The Federal Bureau of Investigation IC3 accepts online Internet crime complaints from either the actual victim or from a third party to the complainant
For more information, visit: https://www.ic3.gov