SCR has released a new form—610-Wire Fraud Alert

In response to growing cases of Wire Fraud, SCR has just released a new form dealing with that specific issue.  Wire fraud has occurred when a member’s email is hacked and the hacker monitors the communications with buyers who are under contract.  As the closing date approaches, the hacker sends an email to the buyer, generally from the buyer’s agent, that contains wiring instructions for closing funds.  Thinking this is from the real estate licensee, buyers have wired these funds to the account which, of course, is bogus.  Thousands of dollars have been involved—and recovery is virtually impossible.  Be sure to caution your buyers to verify any wiring instructions.  Click here to review the form.