Colorado Springs Real Estate Facts & Fun

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Buyers/Sellers & Wire Fraud -- What You Need To Know

It's January 2019 and with all the technology, gadgets, firewalls and preventions already in place we are seeing Wire Fraud continuing to be an issue.  For buyers & sellers, it is really important to over-communicate.  As in, I cannot say it enough.  Do not put the word wire in an email.  If you have a question or need information call your Realtor or lender directly on a phone number that you already have and they can either get you the accurate phone number of the title/closing company to call but it is necessary in our world today to have that conversation via phone and use a number you know and recognize.


What is happening is that buyers will get an email sometime during the process (or even close to closing or at the closing table) requesting additional monies be wired or that the wiring instructions have changed.  The emails can look very "real" with all parties listed on it and headers/footers just like all the other emails you have previously received.  Except, if you look closely at the actual email addresses there will be a slight tweak in some way to the email.


I am not an expert in this and do not represent myself as such.  I am a person in the real estate business who cares about our industry and helping buyers & sellers to have a successful transaction.  

 

Several title companies in Colorado Springs today confirmed that they are working very hard with buyers and sellers to also communicate this is an issue and work with them in special ways so that they have accurate information.


For Realtors like myself, it is always a good idea to over educate and over communicate with our clients that this is an issue and to always pick up the phone and call us or their lender before communicating or sending anything.

 

Kelly Young Realtor

About the Author: Kelly Conner Young, GRI

Kelly is an Associate Broker with The Platinum Group Realtors.  She has over 15 years experience in Real Estate in the Colorado Springs and Front Range region of Colorado. She represents buyers and sellers of real estate buying homes, land for sale and mountain property getaways.   Specific areas include:  Black Forest, Broadmoor, Colorado Springs, Divide, Falcon, Downtown, Manitou Springs, Monument, Old Colorado City, Westside, Woodmen Hills and Woodland Park. You can reach her at 719-226-0126 or by clicking "email the author" above.

Comment balloon 1 commentKelly Young • January 09 2019 01:19AM

Comments

Wire fraud is becoming a growing problem and many different escrow companies are all taking different approaches to this but a phone call (and not the number listed in the potential spam email) to the recipient can hopefully prevent the money going to the wrong account.

Posted by Francine Viola, REALTOR®, In Tune with your Real Estate Needs (Coldwell Banker Evergreen Olympic Realty, Olympia WA) 8 months ago

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