Sanibel Real Estate Blog: Avoid Wire Fraud

Lots more fraud going on these days and the National Association of Realtors has provided a few tips to avoid these:

1.Set up formal policies.If you’re a broker, implement formal policies and procedures within your office to inform your real estate professionals of warning signs. Give them ways to ensure that office transactions are secure. The National Association of Realtors suggests that brokers implement a comprehensive Data Security Program and Document Retention Policy. (For more on this, visit www.realtor.org/law-and-ethics/nars-data-security-and-privacy-toolkit.)

2.Secure email accounts.Make sure that any email account used in the transaction is secure. Insecure emails accounts are prime targets of hackers, so always use encrypted emails when sending sensitive information.

3.Don’t click. If you receive an email regarding a transaction that contains any suspect information, do not click on any links in the email and do not reply.

4.Don’t use free emails or Wi-Fi. For business accounts, do not use any free email accounts, such as Gmail, Yahoo or Hotmail, to name a few, and never use free Wi-Fi to conduct business. It is also important to always use strong passwords and change them often.

5.Pick up the phone.Although online communications may make transactions more streamlined, when conducting wire transfers, the sender should always phone the fund recipient to verify wiring instructions before sending funds.

In the event of a data breach where money has been wired, immediately try to reach the bank to stop the funds from being transferred. Contact all interested parties to let them know of the potential breach, report the breach to the FBI Internet Crime Complaint Center (ic3.gov) and your local association.

Have no fear- we at RE/MAX of the Islands are aware of the scam and will make sure your wire instructions etc are sent only through the secure mail provided by them. We will not send you wiring info on our private email accounts.

With that worry over you can now check out Sanibel real estate! Visit our website at www.chuckandrews.com or give us a call to discuss Sanibel real estate anytime.

 


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