Tracy Ruccia with Equity Title of Nevada warns us on the new ways that hackers are creating wire fraud. Hackers are finding new creative ways on how to steal your profits and payments when in escrow. Year to date so far in 2018 is nearly $17 Billion in wire fraud. So, what does that mean? As we talked before on past shows about emails, etc. being hacked, hackers are manipulating wiring instructions and getting not emails! Hackers are unfortunately getting smarter and are now intercepting an email that will come from a lender or even Real Estate agents. They will redo the seller’s payoff demand so when you go to sell a home, we (escrow) orders the payoff demand from the bank. The title company can end up paying off the seller’s mortgage but the proceeds will actually goes to the hacker. What do we do to protect our selves (escrow, lenders & Realtors)? Tracy suggests that we use different techniques and go back old school by communicating to each other (sellers, buyers, Realtors, lenders & escrow) whomever is trying to close the transaction. Actually picking up the phone making sure you are talking to the person you are supposed to be talking with. Communicate and again making sure that the payoff demand is correct and true. If you are worried about fraud or being hacked during a real estate transaction, know that communication is key. Outstanding job by Tracy as she helps us a better understand on how to prevent that from happening it our clients.

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