Fraud Alert!

1. The fraudster hacks into the e-mail accounts of real estate agents without their knowledge.
2. The fraudster monitors the real estate agent’s e-mails to find details of upcoming closings.
3. The fraudster learns the parties’ names, the amount of the deposit, the entity holding the deposit, and other details.
4. The fraudster sends an e-mail to the entity holding the deposit from the real estate agent’s e-mail address. The e-mail looks normal in every way and appears to be from the real estate agent. The e-mail may also include legitimate attachments that match the documents in your file.
5. The fraudster’s e-mail directs the entity holding the deposit to wire the deposit to another closing or title agency office. In reality, the wire instructions are to an account controlled by the fraudster.
6. If the money is wired as instructed, it is gone for good, and has been stolen from your trust or escrow account by fraud.

Don’t let this happen to you!

1. Always verify any e-mails requesting you to transfer deposits. Verify the instructions with the real estate agent and all other involved parties by phone using known legitimate phone numbers. Don’t use the phone number in the deposit transfer request e-mail.
2. Be very cautious if the wiring instructions request the funds go to a bank branch or account outside Florida.
3. Talk to your real estate agent customers about this scheme and ask them to be on the lookout for responses to e-mails they have not sent. This may be a sign that their e-mail account has been hacked.

If you have questions, please contact The Fund’s Risk Management Department at 800-432-9594.

** This Alert should be kept as a permanent part of your records to assist in your compliance with the requirements contained herein. **

Please provide a copy of this Alert to your staff so they can read it and become aware of its contents.

Should you have any questions please call The Fund’s Underwriting Department at
800-432-9594.