Fraud alert: Beware of efforts to divert wire transfers


Several Illinois real estate business are reporting scam artists are trying to divert funds that were to be used in real estate transactions.

The “phishing” attacks are wide-ranging, and seek email and password information from title companies, real estate brokerages and title agents. One method of attempting to gain access is to send emails to a business that purports to be from a legitimate source. The information is used by the scammers to divert wire transfers.

The best defense: Never give out information that can gain a hacker access to your account. And if there is any question about the source of an email, make sure you check it out with a phone call before responding.

For a guide to how to protect your business, there’s a good write-up on the U.S. Securities and Exchange Commission’s website.


2014-06-25T15:08:01-05:00June 25th, 2014|Uncategorized|0 Comments

About the Author:

Jon Broadbooks is vice president for communications at Illinois REALTORS®.

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