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Don’t Get Scammed!

Protecting Yourself from Real Estate Wire Fraud

Wire fraud is a federal crime that involves using electronic communication to defraud someone. This includes telephone, email, text, social media, or fax machine communication. Wire fraud can involve false representation or promises to steal money, such as identity theft or receiving payment for a service that doesn’t exist. Real estate transactions are one of the biggest targets of wire fraud. The significant amounts of money involved in these transactions make them particularly tempting targets for scammers.

Many people don’t believe they can fall for a scam, but scammers are becoming increasingly sophisticated.

It’s crucial to be vigilant and understand how to spot fraudulent communications and protect yourself.

Easy To Spot Scams

  • Poor Grammatical Choices, Incorrect Punctuation & Spelling.

  • Awkward phrasing or pronoun usage.

  • Strange spacing or capitalization.

  • From an Address that is slightly off or unfamiliar.

  • Generic Greetings like “Dear Customer” instead of your actual name.

  • Unsolicited Requests for Personal Information.

These are the easier-to-spot errors or red flags indicating that the communication may not be legitimate, but scammers are becoming increasingly sophisticated.

Scammers Are Upping Their Game

As scammers get more sophisticated there are new red flags that are becoming more common.

  • Spoofed Email Addresses

    • Scammers are getting better at making their emails look authentic. They might use email addresses that closely resemble those of legitimate companies or even spoof the actual addresses. Always double-check the sender’s email address for slight misspellings or extra characters.

  • Convincing Lookalike Websites

    • Scammers often create fake websites that look almost identical to the real ones. These sites are designed to steal your login credentials or other sensitive information. Ensure the website URL is correct and begins with “https://” before entering any personal details.

  • Urgent or Threatening Language

    Scammers often use urgent or threatening language to create a sense of panic, prompting quick action without due diligence. They might claim that your transaction will be delayed if you don’t act immediately. Always take a moment to verify such claims independently. Additional emails with a greater sense of urgency will often follow if you do not take the action they are hoping for.

Protecting Yourself From Wire Fraud

1. Verify Before You Act! If you receive a suspicious email or text, verify its legitimacy by contacting the company directly using a known phone number or email address. Do not use the contact information provided in the suspicious message.

2. Use Pre-Determined, Secure Communication Channels. When handling sensitive information, always use secure communication channels. Avoid sharing personal or financial details over email or text. Instead, use encrypted messaging apps or secure portals provided by your real estate agent or financial institution.

3. Report! Early detection of fraudulent activity can help mitigate potential damage. If you receive anything that appears suspicious, contact your MBH representative directly. DO NOT reply to or forward the email.

While scammers are becoming more sophisticated, recognizing the warning signs of wire fraud can help protect you from becoming a victim.

MBH Has You Covered

We’re always looking for ways to make buying and selling your home easier and more secure. Currently MBH offers:

Wire Fraud Warning

Below the signature line of every MBH communication, you’ll find the Wire Fraud Warning.  MBH will never accept or request changes to wiring instructions via email or fax.

 WARNING-FRAUDULENT WIRE INSTRUCTIONS

Email hacking and fraud are on the rise to fraudulently misdirect funds for real estate transactions.  Please call this office immediately, using reliable contact information found from an independent source, to verbally verify any wire or funding instructions received.  We are not responsible for any wires sent by you to an incorrect bank account.

WE DO NOT ACCEPT OR REQUEST CHANGES TO WIRING INSTRUCTIONS VIA EMAIL OR FAX.

CertifID

MBH teams with CerifID, the leader in wire transfer protection, to provide an added layer of protection. This secure platform validates the authenticity of wiring instructions to ensure safe and secure closings for buyers and validates the identities to enable safe and timely closings.