FUND ALERT: Phishing for Trust or Escrow Account Information

We have become aware of a scam wherein criminals posing as potential buyers of real property are asking law firms and title agencies for wiring instructions, purportedly for the purpose of initiating an incoming wire of deposit funds. Unfortunately, these impostors are using the account information in order to create counterfeit checks. These counterfeit instruments typically have altered information (e.g. routing number of bank may be changed) and the victimized firms may not suffer a loss. Nevertheless, we are alerting our members and agents of this scam to raise awareness of this ever-increasing type of fraud.

Firms may wish to talk with the depository where they maintain trust and escrow accounts to discuss setting up what is known as "Positive Pay" service which would avoid payment of improper or counterfeit checks drawn on firm accounts.

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