Did you know that most local REALTORS® in the Billings, Montana area are seeing an increase in calls from out-of-state buyers? I conducted a recent survey of local agents and discovered some
Wire Fraud Criminals Caught
I just read an article on the Florida Realtor's website that the feds arrested eight wire-fraud crooks in both the U.S. and Africa.
Here's how wire fraud works: criminals break into servers or email systems for either real estate companies or title companies. Then they pretend to be the client's Realtor or title company and send an email. They give instructions to wire money and provide the clients a bank account, which of course goes to the criminals. The eight crooks charged are accused of stealing millions of dollars! And that is just ONE group of criminals.
You may think this is just happening in the big cities, but it's not. Title companies in Billings have confirmed that they have also been targeted for wire fraud schemes.
If you are buying or selling a house and you get an email requesting you wire money, here's my advise. DON'T DO IT! Confirm the legitimacy of the request by contacting your Realtor or the title company. Once you wire money, it's gone and you will likely never see it again.
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