REAL ESTATE INVESTING – Real Estate Wire Fraud is the Most Common Form of Real Estate Fraud
July 10, 2019
Currently one of the biggest threats to real estate investing is real estate wire fraud. The way real estate wire fraud is most commonly carried out, is that a person involved in a real estate transaction, such as a real estate attorney or realtor, has his or her email account compromised by malicious software sent by a fraudster whom can then monitor the realtor’s emails looking for upcoming transactions. Once the fraudster identifies an upcoming closing date, a legitimate-looking email message is sent to the purchaser/real estate investor advising that there has been a change of plans. Specifically the email advises that the purchaser/real estate investor must wire the down payment to a bank account belonging to the seller, while the bank account truly belongs to the fraudster and is typically overseas. Once the funds are transferred to the fraudster’s offshore account, which is out of the reach of U.S. law enforcement, the real estate wire fraud is complete and the profits from the real estate investment is depleted.
If you or someone you know, is considering a real estate investment opportunity or has fallen victim to real estate wire fraud we invite you to call us today at 619-432-5145 for a free consultation with one of our experienced Real Estate Wire Fraud Attorneys and Real Estate Investing Lawyers.