Wire Fraud Advisory

Protect Yourself Against Wire Fraud

Don’t let wire fraud ruin your real estate transaction. Homebuyers and Sellers are at risk of being targeted by criminals who hack email accounts, including your real estate service providers’ accounts (such as title agents, mortgage brokers, real estate agents, and escrow officers) in order to trick you into wiring money to fraudulent bank accounts.
These hackers make themselves appear authentic by including personal details they have obtained by hacking into their targets’ email and social media accounts.
Here’s What You Need To Know
⚠️ COMPASS WILL NEVER EMAIL YOU WIRE INSTRUCTIONS, ASK YOU TO CHANGE WIRE INSTRUCTIONS, OR ASK FOR YOUR BANK ACCOUNT INFORMATION. 
If you receive an email or call allegedly from Compass which provides wiring instructions, it is fraudulent. Do not respond to it and please call your REALTOR® immediately.
⚠️ YOUR REALTOR® WILL NEVER ASK FOR YOUR BANK ACCOUNT INFORMATION.
This information will arrive directly from escrow. Please follow the tips below whenever you are wiring funds:
Here’s What You Need To Do
💡Phone Verification
Verify all sensitive requests over the phone or in person, never by email, even if they appear to come from someone known to you, especially a Compass employee. Call them using a previously known phone number. Don’t use phone numbers or links from an email.
💡Ask Questions
Ask specific questions of the other party that only they would know, like what is their assistant’s name or the last time you met them in person. After you wire money, call the title company within 4 to 8 hours to confirm they received it at the right account.
💡Treat New Requests Seriously
Treat any sudden requests to change existing wiring instructions with extreme suspicion. Hover your mouse over email addresses to ensure the sender name and email address match the hyperlinked address, and that all email addresses (including the @[ABC].com domain name) are exact.
Check for poor grammar and punctuation in the body of the email. These are all signs of a potentially fraudulent email. Below, scroll through some examples of how criminals use fake emails to steal your money.
What To Do If You Are Targeted

 

IF YOU ALREADY WIRED FUNDS TO A FRAUDULENT ACCOUNT, TIME IS OF THE ESSENCE. GET THE FBI AND BANKS INVOLVED IMMEDIATELY.

‼️Call Your Bank ASAP

Call your bank and ask them to issue a recall notice for your wire. Call within 24 hours for the best chance of recovering your money.

‼️Report It Right Away

Urgently report the crime to www.ic3.gov as well as your local police department and regional FBI office via https://www.fbi.gov/contact-us/field-offices.

Sample Fake Emails

Scroll through some examples of how criminals use fake emails to steal your money. These four messages show you what to look out for as a cautionary:

📬 Here is an example of a legitimate email from the Lender to the customer. However, a hacker has obtained access to this email account and is able to read it.

📫 Now that the hacker knows the emails and names of those involved in this transaction, they impersonate the Lawyer to get information from the Lender. Notice that the email has the same name but is from “Gmail”, not “legalaide.com”. The hacker could also impersonate the Buyer using this same strategy.

📭 The Lender doesn’t notice and sends the hacker the closing date and wiring amount. With this information, the hacker can make their emails seem more authentic.

📪 The hacker then impersonates the Lender and asks the customer to wire them money to their fraudulent personal account. Notice that their email is from “Gmail”, not “lenderusa.com”. Also, take note that they use poor grammar and a different signature than what Michelle was using in her other emails.

The Bottom Line

Slow down and be vigilant about your wire transfer. Changes to wiring instructions are rare and should only come from your escrow officer. If you already wired funds to a fraudulent account, time is of the essence. Get the federal authorities and banks involved immediately.

For more tips and resources for preventing wire fraud, visit www.stopwirefraud.org/.