We have recently been inundated with news articles about a new way to execute an old crime. As we know, criminals and fraudsters are always coming up with new ways to beat security measures, and the current fashion in high-tech, high-dollar fraud has mostly affected buyers of real estate.
Most of the time, when real estate changes hands, there are at least a handful of wire transfers of money that occur where money is transferred electronically between the banks. These transfers are faster, less expensive, and typically safer than using checks. Unfortunately, if anyone fails to take proper precautions, it can be disastrous. When a computer hacker is able to intercept messages containing wiring information, among other confidential material, they can cause all kinds of problems, but recently they have been sending incorrect wiring instructions to buyers of real estate. The buyer will show up for the closing thinking that the title agency or escrow company is holding their down payment, but instead, the transaction is stalled and a criminal has made off with their money.
We have a few tips for you to make sure you don’t wind up on the wrong end of one of these crimes:
If you have any questions about this, please give us a call. We are happy to explain what we do to keep your data safe and how we can help your business be in the best position to protect your clients, your employees, and yourself moving forward.
Ben Worsowicz is an Associate at Lardiere McNair, LLC. To read more about our firm, please visit https://lawyerscolumbusohio.com/.
The information presented here has been prepared by Lardiere McNair for promotional and informational purposes only and should not be considered legal advice. This information is not intended to provide, and receipt of it does not constitute, legal advice. Nor does the receipt of this material create an attorney/client relationship. An attorney client relationship is not established until such time as Lardiere McNair enters in to a written engagement agreement with a specific client for a specific legal matter.
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