Cyber Security
Cyber Security
Protect Yourself From Wire Fraud
Cyber criminals increasingly target real estate transactions by impersonating trusted parties and sending fraudulent emails with fake wiring instructions. These scams are sophisticated, but taking a few simple precautions can help protect your money and your personal information.
At Barristers, protecting your transaction extends beyond the closing table. We employ secure technology, follow recognized industry best practices and continuously educate our team on the latest cybersecurity standards to help safeguard every transaction.
How Wire Fraud Happens
- A trusted email account is compromised. A cybercriminal gains access to the email account of someone involved in the transaction, such as a buyer, seller, REALTOR®, lender or settlement professional.
- Fake wiring instructions are sent. The criminal sends an email that appears legitimate, asking the recipient to send funds to a different account.
- Funds are wired to the wrong account. Once the money is transferred, it can disappear quickly and may be difficult or impossible to recover.
How to Protect Yourself
- Never trust emailed wiring instructions without verifying them first.
- Always call your Barristers closing professional using a trusted phone number before sending funds.
- Verify any changes to payment instructions by phone.
- Contact your bank immediately if something doesn't seem right.
- Confirm receipt after your wire has been sent.
- Report suspicious emails or activity immediately.
While technology plays an important role, your awareness is one of the strongest defenses against fraud. If you ever receive wiring instructions that seem unexpected or unusual, stop and contact your Barristers representative directly before taking action.