Wire Fraud Update

– Daniel Jacuzzi, President of the Select Group

Wire fraud is increasing at a frighteningly high rate. Several of our Select offices have experienced wire fraud within the last month forcing us to hire an investigative forensic team to trace and track down the crooks. The cases have been turned over to the FBI and two District Attorneys are also on the case. We take this threat very seriously and everyone is working hard to ensure our clients are protected.

While this does not provide solace, please take note that this isn’t just affecting the Select Group; this is a global issue. Between 2012 and 2015 there were 28 million attempts of wire fraud and consumers lost more than 16 billion in just 2017 alone. This is a threat we will all have to remain on top of, it is not going away any time soon. We need everyone to add this wire fraud disclaimer to your email signature:

“I do NOT send wiring instructions for real estate transactions via email. Please contact your title company for wiring instructions. Please do not convey your financial information via email to me. Contact me via telephone regarding any suspicious or inconsistent communications you receive from my email. The information contained in this communication from the sender is confidential. It is intended solely for use by the recipient and others authorized to receive it. If you are not the recipient, you are hereby notified that any disclosure, copying, distribution or taking action in relation to the contents of this information is strictly prohibited and may be unlawful.”

Finally, be sure you are getting the Wire Fraud Disclosure Signed by both buyer and seller in every transaction and are having oral guidance with your client on what to do and not to do with wiring funds. Also be sure you are communicating with the other agent and they are also advising their client. Together we can prevent wire fraud.

1 Comment on Wire Fraud Update

  1. craig menghini // June 14, 2018 at 4:59 pm // Reply

    Very scary stuff, it’s good to know what to do correctly.

    Like

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