The U.S. Secret Service Cybercrime Investigations office recently issued guidance related to the expansion of real estate fraud scams where criminals are now impersonating title companies. This re-emphasizes the imprtance of everyone involved in a real estate transaction to communicate and verify any requests for financial information.
Essentially in this scheme, the criminals impersonate property owners and negotiate the sale of vacant or unoccupied properties with unsuspecting buyers. Once a contract is signed, the criminals direct the buyer or REALTOR® to use a fraudulent title company, often by creating fake domains that closely resemble legitimate companies. They communicate using these fake email addresses, introducing the buyer or REALTOR® to the fraudulent title company. The criminals then provide false wire instructions, leading the buyer to send funds to a fraudulent bank account, believing the transaction is legitimate.
Click here to view the U.S. Secret Service flier to learn more about how to detect and prevent this type of fraud.
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