It is no surprise the creative bad guys sitting behind computer screens somewhere have found another weak spot in the system. The problem with this one is, it is usually of size.
Real Estate Fraud Alert
One of the larger financial transactions many of us make are the purchase of some type of Real Estate. With money, paperwork, and stress sloshing around, it is no wonder the bad guys have squeezed into this arena.
Here is what is going on:
- After a hack into the system somewhere-
- Email is sent to one of the parties, stating there is an updated wire account number-
- In the foray of movement one party fails to verify the new account information-
- Bam, the funds are wired and disappear-
How to stop it:
- Confirm ANY email change with your opposite party-
- Call one last time and check “In Person” with the other party before wiring – just to be safe
- Get your Fed wire number confirmation after the wire-
- Confirm your receiving party did in fact, receive the funds
If it is convenient, a cashiers check may be easier/safer– but hold on tight to that check after issue and double confirm how to make the check payable if this is the way you choose to go.
While the above steps look simple, and the bad guys easy to spot, in the heat of the moment, things can slip through the cracks.
Measure twice, cut once!
Have a great “Less Fraud” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth