Personal Email Makes YOU Liable for Wire Fraud
In this video Deirdre P Brown explains how Realtors that use their personal emails may be held liable for wire fraud.
Hello this is Deirdre Brown your settlement agent serving DC, Maryland and Virginia. Today I want to talk to you about wire fraud. I'm sure you've heard about this in the news. How a local title company was hit with a $1.2 million claim because of a wire fraud incident. What you don't hear about are those smaller claims where some of these brokerages are getting hit with $10,000 or $20,000 claims.
How this is happening is that hackers are hacking into the real estate agent's email and sending an email to the clients saying that they have the wire instructions for ABC title company. Send us your EMD or send us your cash to close, Because it's coming from an email address that your client is familiar with, your email address. They follow the instructions.
One you should not be using email addresses that end with Gmail or Yahoo. You should be using your broker's email address because if it does still happen on your broker's email then your broker is responsible for the claim. If it happens on your personal email account many brokers have a policy that YOU then take the hit.
Number two you should be telling your buyers that they should always be reaching out to the title company at a number that has been previously provided to them to confirm the wire instructions. I get these calls every day but I'm not getting as many as I should be. People wire me money without calling me first to verify the wire instructions. You are not bothering me I want you to call me. I do not want to be in the news and neither do you.
If you have more title related questions please reach out to me at email@example.com