Email Hacks

Fund Members should be aware of a scam where hackers are able to hack into the email accounts of real estate brokers and others to get details of closing transactions. They then send emails directing a change to the disbursement instructions to the closing agent.

A Fund Member just reported that on Friday she sent an email to all of the parties in a transaction letting them know that it had closed and the funds had been disbursed. One of the parties could not attend the closing, so her email stated she would arrange for a time when he could pick up his check. Monday morning she received an email from him saying that it would be more convenient if she could wire the funds. She asked for his wiring instructions and they were provided. She was in the process of initiating the wire when she received a text message from the same person, asking when he could come by to pick up his check. She was confused and called him. He had never sent the email and the account the funds were to be wired to was not his account. If he had not sent the text message when he did, the funds would have been gone.

To prevent this from happening to you, we recommend you make sure you get good cell phone numbers for all parties to your transaction. If you get a change of instructions, especially having to do with money, from anyone, contact that party at the phone number you have, and verify that they actually changed their instructions. Do not rely on instructions received by email, no matter how good the email looks, or how many specific details the email sender provides. These hackers are good.