People do not email wiring instructions...ever.

Discussion in 'Business, Investing & Finance' started by Concrete Helmet, Sep 30, 2020.

  1. Concrete Helmet

    Concrete Helmet Hook, Line, and Sinker
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    Anyone transacting RE or any large purchases for that matter be VERY aware. Today for the 3rd time in less than 3 month's we thwarted a wire transfer(359k) where someone hacked a Realtor's account and got a seller's info created an email account and tried to have the proceeds wired to their account.

    If you are having funds wired please do an in person confirmation with the settlement agency or an approved 3rd party that will cover your liability(approved online notary service)..... And if you're using an employee or trusted party make sure they are up to date with what is going on. Someone nearly lost their job today for being lackadaisical...... sh!t is getting scary but this one got sent to local FBI cyber crime division.
     
    • flg8rfan

      flg8rfan Well-Known Member

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    • Bushmaster

      Bushmaster Well-Known Member
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      I had a client buying a property at the beach who just before hitting the send button, called me and asked me about this. I close a lot of properties with the attorney in question and told them they needed to call him FIRST before sending that wire transfer. It was for the downpayment and not the full amount, but $30k is $30K.

      This is now a thing.
       
      • FireFoley

        FireFoley Senior Member
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        So a few years ago when I was buying a place in G'ville, the closing atty. sends me an email with all the wiring instructions. I told them I wanted to bring a cashier's check to closing (cash deal). and did not trust wiring. she said they had gotten fake cashier's checks so everything was wire. so fast forward and she sends me an email. It was all legit, but b/c I trust no one I call to verify all the bank info she sent to me. Well as it turns out she sent the WRONG bank acct. #. I asked what would have happened if I did not verify and the wire was refused in the cyber world? She says "oh it would probably just get returned to your bank into your acct.". I said PROBABLY!? How do you not know that some thief had not dropped a line of code in the software that dumps all returned wires into a fake acct.? Bottom line verify all the numbers they send you. Even the azzhats working in these places are dumber than stupid and pay no attention to detail!
         
        #4 FireFoley, Oct 1, 2020
        Last edited: Oct 1, 2020
        • Swamp Donkey

          Swamp Donkey That's the sound your mother made last night
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          Ive been trying to contact you about your car warranty!!!
           
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          • Pablos Tunnel

            Pablos Tunnel Well-Known Member
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            Damn.... I was wondering why I didnt get the cabbage. :naughty:
             
          • Concrete Helmet

            Concrete Helmet Hook, Line, and Sinker
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            Add in the fact that a lot of lenders still have brain dead people working from home, some borrowers and sellers are still too scared to leave their homes cuz Chinaflu, throw in mobile notary's that you've never met that are thousands of miles away, and RE Agents who run from their clients closings anyway then juggle somewhere between 2-5 million a day being wired in and out of your escrow account..... but everything is always the title companies fault :lol:
            And people wonder why their phone blows up with unknown numbers right after getting their hair cut or oil changed....or in this case putting their for sale sign in a clients front yard....and on the internet:headslap:
             
          • CDGator

            CDGator Well-Known Member
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            Good info!
            Just did 3 wires in the last week. The bank “lost” one of them. How do you lose a transfer?
             
          • NVGator

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            It happens far too often. I’ve thwarted it a couple times over the years. We have a Wire Fraud Disclosure that has to be signed by all Buyers and Sellers.
             
          • Detroitgator

            Detroitgator Well-Known Member
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            Serious question: why would you ever send your wiring instructions for OUTGOING funds? I understand for INCOMING, which are different, but why would you send OUTGOING?

            Either way, and I do a LOT of wire transfers (mainly internationally) every week, I only do it online, and it effectively has 3 step verification to do so. Hell, with BofA, you can't even do it over the phone anymore and you have to set the recipient up in your profile before you can send, even for a "one off."

            I've dealt with a lot of fraud/attempted fraud over the last 10 years, but I've never seen the level of activity that I've had to deal with in 2020... it's off the charts.
             
          • Concrete Helmet

            Concrete Helmet Hook, Line, and Sinker
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            DG it's people trying to change the seller's proceeds account....They usually hack a realtor's email and have the closing date and sellers info along with the title company....btw are you ever in Dubai? :lol2:
             
          • Detroitgator

            Detroitgator Well-Known Member
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            Yessir! And I wire/receive wires to/from there about three times per week!

            I also work with one guy (owner of Wolf Ammunition) who will only do business by voice and FAX... yes, FAX! No texts, no email, no NOTHING electronic. He experienced a bad hack years ago and is a "never again" guy... he is also a phenomenal guy.
             

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