In May 2015, AAR published an article regarding hackers committing wire transfer fraud in Arizona.
Since that article, wire transfer fraud scams are on the rise nationwide. Due to the influx and severity of the scams, the Federal Trade Commission (FTC) and National Association of REALTORS® (NAR) have increased their efforts to warn the public and REALTORS® alike.
If you’re buying a home and get an email with money-wiring instructions, STOP. Email is not a secure way to send financial information, and your real estate professional or title company should know that. If it’s a phishing email, report it to the FTC. – www.consumer.ftc.gov
Specifically, the FTC and NAR have issued warnings and helpful tips on how to avoid wire transfer fraud scams on their respective consumer and media blogs. Additionally, NAR released a video addressing the issue.
While reviewing and sharing the video and articles are important to ensure that security measures are in place for each transaction, the FTC also urges consumers to report the scams for further action.