Phishing and Wire Fraud: The Latest on How to Protect Yourself
As technology gets more sophisticated, so do phishing threats for real estate transactions. Cyberattackers are using smarter, more targeted phishing techniques to compromise email accounts and manipulate wire transfers. Our Tennessee Title Attorneys are here to help you understand these real-world attack patterns, and the actionable safeguards available to reduce risk across people, processes, and technologies.
4 New Phishing Threats to Watch For
There are several ways machine learning/AI, deepfake technology, and traditional phishing techniques are coming together to threaten safe property purchase/sale. Here are a few real estate phishing scams to be on the lookout for:
Deepfake Executive and Vendor Impersonation: In these situations, scammers send a (fake) email request pretending to be company executives seeking funds to complete an acquisition. When the employee demands in-person verification, scammers send a meeting request that appears to be through the company system. But every Board member is a deepfake AI “agent”. By the time victims realize they’ve been scammed, it can be difficult (if not impossible) to track down the culprits,
Bank Impersonation (at Scale): In this scam, bank customers receive a text or e-mail claiming a problem with their bank account. Usually they’re asked to click a link to fix the problem. The link lands on a spoof of the Bank’s real websites, but everything has been made to look like it’s coming from the real bank.
Push Payment Scams: Authorized push payment (APP) platforms (Zelle, CashApp, PayPal, and Venmo). If you receive any requests to use these tools for a real estate transaction, do not send any funds before confirming their legitimacy with the appropriate financial institutions, as well as your Title Attorney.
Third Party and Supplier Risks: “Malicious hackers target the vendor’s e-mail account and use it to send fraudulent invoices or payment instructions to banks. Because these emails appear to come from trusted partners, bank employees are more likely to act on them, resulting in large scale theft.“
Preventing Real Estate Phishing Scams
There are many ways to protect yourself, your property, and your funds from real estate phishing scams. While there will always be new threats emerging, the technology built to guard against cyberattacks is getting smarter, too. Wire fraud detection tools help you understand and assess risk associated with real estate transactions, making it easier to catch (and stop) fraudulent activity.
Stay Prepared and Protected
Falling victim to wire fraud when buying or selling real estate isn’t an outcome anyone wants. Along with the financial loss, you have to deal with multiple agencies and institutions, including bank personnel, law enforcement, and more. Doing your due diligence is more important than ever, and a Tennessee Title attorney has the tools, technology, and expertise to help.
Working with BNT means you never have to compromise on the safety and security of your funds, or your data. Have questions about how we keep you prepared and protected? Contact our team today to request a free consultation.
