We have previously written about the dangers posed by wire fraud, especially as related to real estate closings (Read More Here). In spite of the passage of two years since our previous blog post, the danger posed by wire fraud is still prevalent and may even be growing.

A recently reported event involved a Massachusetts attorney whose email was “spoofed” and an unsuspecting buyer of real estate wired over $500,000 to the wrong party. We also continue to hear reports in Connecticut regarding real estate purchasers who receive emails purporting to be from their attorneys which contain wire instructions, but in fact are from some scammer and the wire instructions are fraudulent.   Wire fraud costs Americans at least $200 million dollars annually. This article https://www.forbes.com/sites/alyyale/2019/05/07/real-estate-wire-fraud-is-real-and-it-almost-happened-to-me/ provides a good description of what can happen.

The advice provided in our July, 2017 blog post still applies, and is worth reviewing. The most important precaution is to be very careful and verify all instructions you are given, verbally with a known person, and do not rely simply on an email.

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