Protect Yourself From Cyber Fraud
Watch the video or read below to learn how to protect yourself from cyber fraud.
How Your Money Gets Stolen
- Hacked email – get access to the email account of someone involved in the transaction – the buyer, seller, real estate agent, mortgage lender, title agent, or other.
- Email from hacker – The hacker then emails that person to change the wiring or payment instructions without knowledge from the other parties.
- Consumer pays wrong account – If not questioned, the wrong account gets the down payment or other funds and the criminal gets away.
- Closing day – By the time closing day arrives and the mistake is realized, often the funds are long gone.
How to Avoid Wire Fraud
Rule 1: Always question emails that contain wiring instructions.
Hackers have learned to exploit the real estate closing process to steal millions of dollars from people buying or selling a home.
Rule 2: Always call to verify before sending any money.
When you do receive instructions on where to send money prior to closing, always call your contact person at the title company to verify. Then call your bank to verify as well.
Rule 3: Always call after sending money.
It’s always a good idea to call after money is sent. That way, you can verify that it was received by the correct recipient.
Rule 4: Act immediately if anything seems unusual.
Contact your bank, mortgage company, and title company immediately if anything is in question. If something is wrong, you may need to contact your local FBI office.
ABOUT Nikeisha Pryor
Nikeisha Pryor, Esq. is the founder and managing attorney of The Pryor Law Group, P.A. and Cornerstone Florida Title & Abstract, Inc., where she focuses on Real Estate Law & Title Insurance, Wills, Trust, & Estate Planning, as well as a range of Personal Injury and Wrongful Death actions.
Ms. Pryor is a seasoned litigator, having begun her career as a prosecutor in the Office of the State Attorney for the 17th Judicial Circuit, Broward County, Florida where she handled hundreds of cases ranging from misdemeanors to serious felonies. Thereafter, she worked for two prominent South Florida law firms, where she gained experience in a range of commercial and civil disputes, including real estate law, business contract disputes, nursing home negligence, medical malpractice, personal injury, and wrongful death matters.