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How COVID-19 is Giving Cybercriminals Ways to Commit Real Estate Fraud 
Real Estate Fraud

COVID-19

The COVID-19 pandemic is causing people to rethink their lives. While most people are coming together by remaining apart, cybercriminals are using this pandemic as an opportunity to commit fraud. 

COVID-19 is an illness which causes fever, coughing, and shortness of breath. It can be potentially severe to those who are elderly or immune-compromised. Cybercriminals are sending out fake emails and texts and are scamming, phishing, and committing real estate wire fraud.

Wire fraud is one of the largest cybercrimes in the United States and is a complex scheme. Homebuyers may receive a fraudulent email from attackers pretending to be real estate professionals, requesting that they provide purchase funds by making a wire transfer to their “closing agent” during the home buying process. These email scams contain phony wire transfer payment instructions designed to divert those funds to the accounts of the criminals. When the homebuyer sends the funds, the payment is sent to the criminal’s account, never to be seen again. 

Many real estate and title companies are alert to these schemes and take extra precautions in alerting their clients to the problem and employing various means of verification. Utilizing the services of experienced and knowledgeable real estate professionals can go a long way to protect yourself from these nefarious players.

Criminals seek out weaknesses.If you receive a suspicious email, text, or phone call with a request to wire money, delete it or hang up. If you are in the middle of a real estate transaction, call a trusted person to verify the request’s legitimacy. By following these simple tips, you can protect yourself and stop your funds from winding up in a cybercriminal’s hand.

Real Estate Attorney Jupiter

Richard S. Weinstein

A real estate attorney can help minimize the threat of real estate wire fraud. Richard S. Weinstein is an experienced real estate attorney and title agent who can help you with all of your real estate transactions. Having legal representation makes good real estate business sense. A competent and experienced attorney will protect your interests. 

With over 50 years of experience as an attorney, Richard S. Weinstein assists clients with the important financial situations in their lives. Whether you are dealing with bankruptcy, real estate (both commercial and residential, including short sales, foreclosures, and title insurance), estate planning, probate, business formations, or sales or mergers, Richard S. Weinstein is the attorney with the education, experience, and knowledge you need! Call us at (561) 745-3040 or visit his website at rweinsteinlaw.com.

 

Law Office of Richard S. Weinstein, P.A.
250 S. Central Blvd. #101
Jupiter, FL 33458
Phone (561) 745-3040
richard@rweinsteinlaw.com

 

 

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