Real Estate Trends: Serenity Now!
Posted March 14, 2020 in Real Estate Trends
Between the corona virus, the stock market declines and wire fraud, there’s a lot to be nervous about right now! I don’t have anything to add to the discussion of the first two, besides wash your hands, don’t go out if you’re feverish, and put all of your money in real estate!
I do, however, have something to say about wire fraud: The FBI says there were 11,677 victims of wire fraud in 2019 with $221 million in losses. That is as scary as a sneeze in a store, but consider this: the FBI says that only 15 percent of all wire fraud incidents are reported.
How does wire fraud work? Online thieves hack into your email, and see that you’ve been emailing with a title company, which tells the thief that you are soon going to wire money to that title company or receive a wire of your proceeds. They then impersonate the title company and email a fake instruction that the funds are to be wired to Thief’s Bank instead of our bank.
Sound simple? It is, but you’d be amazed at how official these emails can appear—copying our logo, our “Best In Business” credentials, and staff member’s names to make it look like a real email from Clark County Title. By the time you’ve told your bank to wire the money to Thief’s Bank, it’s too late . . . the money is gone and the thieves are celebrating their windfall.
Don’t fall victim to these scumbags! Always make sure that the wire instructions you get from us (or anyone) are REALLY from us. Call our office –downtown (360) 694-4722 or East County (360) 787-9197—and say “I want to confirm the bank and account number before I wire money to you.”
To be clear, we’ve done everything possible to keep your private information and our email accounts safe—multi-factor authentication, required frequent password changes, and employee training. Even with our state-of-the art security, your email could be hacked. BE ALERT! If you have any questions about wiring funds or any aspect of real estate transactions, please call Clark County Title! And wash your hands!
Scott Hogan
Clark County Title
Scott@ClarkCountyTitle.com360-694-4722
1400 Washington St, Ste. 100
Vancouver, WA360-787-9197
3200 SE 164th Avenue, Ste. 219
Vancouver, WA 98683