The FBI has reported a tremendous increase in scams targeted at real estate through transactions with clients. Cyber crimes are on the rise causing the FBI to develop the “Internet Crime Complaint Center” which is known as IC3, to deal with the issues. The most common methods used to scam real estate clients are BEC/EAC (business email compromises/ email account compromises). The way these type of scams are conducted is when hackers gain access to the buyer’s emails and monitor for emails between the real estate agent and then wait until the transaction is imminent to redirect the money to a different account through the use of fake emails that seem legitimate.
These type of scams are not limited to buyers emails being hacked, real estate professional emails are not hacked constantly as well if the security used is LAX. The money is not the only thing in stake when it comes to a home purchase. Many buyers identities are at risk of being stolen by hackers when making a home purchase and using an email to exchange personal identity information.
The best way to avoid being scammed or being a victim of identity fraud is to avoid using email communication for a home purchase. If it is necessary to share such important information through email at the very least make sure the email used is a password protected email to avoid hackers from obtaining their information.
People must take precautions so that they don’t become a victim of these crimes by double checking phone numbers and verifying wire transfer information ahead of time especially if the transaction is requested on a Friday or long weekend.
Inform your self further about how your personal information is being protected and how to avoid similar incidents dealing with vital information that can affect your life. Become protect now to preserve your peace of mind because leaked information will forever remain out there.
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