One popular scam that has been occurring frequently involves a last minute change in wiring instructions. The scam works, with some variations, in the following manner: as parties prepare for a real estate transaction, one party receives an email with a last minute change to the wiring instructions. The victim receives the instructions and then wires the funds to the cyber criminal’s account. Once the funds are received, the funds are withdrawn and the account is closed.

There are two simple steps to help prevent becoming a victim to such a scam: (1) advance communication and (2) verbal verification. Advance communication raises awareness and helps prevent a party from sending the funds to a cyber criminal. Make sure that all the parties that you are dealing with AND your bank know that you will NEVER send a change in wiring instructions via email. Verbal verification helps prevent a party intending to send funds from actually sending the funds to a cyber criminal by verifying the legitimacy of any requested changes to the original wiring instructions. Make sure that all parties you are dealing with, including the bank, the lender, and the clients, know that they must speak to you directly and they must receive verbal confirmation of wiring instructions. Conversely, if you receive changes to wire instructions, YOU must call the sender and speak to your contact to verify any changes in the wiring instructions.