Chris and Nicole have seen people experience wire fraud time and time again. Frustration begins to set in because wire fraud is something that can be prevented through various steps that are simple and free. But with that being said, why isn’t the industry taking wire fraud as seriously as they should? It can all be traced back to those who don't believe wire fraud will happen to them or just don’t understand how and why it happens at all. 

In order to prevent wire fraud the industry has to make some serious changes. Chris goes into detail on three ways the industry will be forced to make adjustments: Litigation, Law Making, and Disruption. With these being the main ways we will see change in the future of the industry, it’s important to understand how our society and technology will both change along with it. 

Chris and Nicole wrap up the podcast by explaining the potential downfall the industry will face if they do not adapt to new and improved methods of wire fraud protection. Consumers are losing thousands of dollars to wire fraud and it is creating major distrust in the real estate industry. Understanding why wire fraud happens, how it happens, and how we can adapt to the changes needed to be made will keep the industry strong and successful. 

Join Chris and Nicole as they uncover the facts and share their expert insights. Real estate wire fraud is the problem, SafeWire is the solution. 🔒

Learn how wire fraud happens and how to protect yourself.

The real estate industry is constantly evolving which requires our wire fraud protection methods to advance alongside it. This week's episode of The Wire talks about two general authentication methods that are used in order to ensure you are who you say you are when logging into personal accounts. Multi-factor and knowledge-based authentication are two of the most commonly used protection techniques today.

Chris and Nicole break down which of these authentication systems works the best in our rapidly changing society and why these techniques work. The real estate industry itself needs to utilize the most secure method and adjust to current times in order to keep their business protected. 

Join Chris and Nicole as they uncover the facts and share their expert insights. Real estate wire fraud is the problem, SafeWire is the solution. 🔒

Learn how wire fraud happens and how to protect yourself.

On this week’s episode of The Wire, Chris and Nicole kick off with one of the largest issues regarding wire fraud: general lack of awareness of how it happens and who it is happening to. Nicole researched to see exactly who it is affecting, however, they are stuck with the question of why we aren’t seeing these cases throughout the mainstream media. GoFundMe pages are essentially the only source of representation for how this is affecting not only families, but professionals in the real estate industry as well. 

Wire fraud is an epidemic that Chris and Nicole have seen time and time again. There are professional fraudsters lurking around the digital real estate industry who will do anything they can to divert a wire transfer in the amount of hundreds, or even thousands of dollars to themselves, so it’s critical to understand that no one person is safe from wire fraud. Understanding that the future of real estate will be compromised if there are no significant changes is crucial.

Chris and Nicole finish with a set of suggestions that listeners can abide by if they are unsure on how secure their personal information/email currently is. Neglect and ignorance as to how wire fraud happens is no excuse for the financial loss it can cause. The SafeWire team promotes and spreads information on wire fraud because as an industry, everyone is responsible and it is better to be secured and protected from wire fraud. 

Join Chris and Nicole as they uncover the facts and share their expert insights. Real estate wire fraud is the problem, SafeWire is the solution. 🔒

Learn how wire fraud happens and how to protect yourself.

View the GoFundMe referenced in the podcast: https://www.gofundme.com/f/help-for-the-mickles-family 

An elderly couple was ready to begin their life of retirement, they bought a new home but within a matter of days they were homeless and on the streets. The wife was instructed to wire almost $80,000 to the title company in order to complete the transaction. The realtor working with the couple was copied on the email containing the wire instructions, which gave the buyers comfort that the message was legitimate. 

The buyers signed all of the closing documents and received the keys to their new home. A few days after the closing, the sellers had still not received their proceeds from the sale of the home and forced the buyers to move out.

It turns out the buyers were a victim of wire fraud and their funds never made it to the title company. One of the largest issues with wire fraud is the inability for consumers to catch red flags. As a consumer, it is unlikely that they would have the proper knowledge on what to look for in order to confirm wire instructions are legitimate. Chris and Nicole discuss the responsibility of industry professionals to educate their clients on the problem, which red flags to look out for and why the verification process must be strictly followed.

Fraudsters typically infiltrate the professionals’ email accounts, and once in their email, they are able to target the client with altered wiring instructions. The professionals, such as title companies, real estate agents, lenders, and attorneys must start taking wire fraud seriously and stop blaming other parties for infiltrated information. Chris and Nicole explain why this needs to change and how to take the first steps in doing so. At the end of the day, taking preventative measures before fraudsters attempt to strike can help keep families in their homes. 

Join Chris and Nicole as they uncover the facts and share their expert insights. Real estate wire fraud is the problem, SafeWire is the solution. 🔒

Learn how wire fraud happens and how to protect yourself. 

View the news article referenced in the podcast: Wire Fraud leaves elderly couple homeless, organized by Nikki Carter

In December of 2017, a family was ready to begin their new lives as empty nesters. Everything seemed to be going perfectly until the husband received an unsettling alert three weeks after moving into his new home. He discovered that his attorney’s email had been hacked and the payoff with wiring instructions had been intercepted and altered when sent to the title company, resulting in the family losing thousands of dollars.  

One of the most important things to consider is the misconception that an attorney should be more protected compared to anyone else. During wiring transactions everyone is a target and these fraudsters don’t care who it is. They will infiltrate whenever there is an unprotected third party which in this case was their attorney. 

Transactions like this are handled differently all around the country so it’s difficult to find one efficient way to prevent wire fraud when using a third party. At the end of the day, the impact wire fraud leaves on individuals is detrimental. The financial, emotional, and mental impact is severe and incredibly violating to the consumer. 

Assuming an attorney or agent is practicing safe and protective procedures is not a solution. Understanding how wire fraud is happening is the first step to staying safe from fraudsters! 

Join Chris and Nicole as they uncover the facts and share their expert insights. Real estate wire fraud is the problem, SafeWire is the solution. 🔒

Learn how wire fraud happens and how to protect yourself. 

Over the past year, the real estate industry has been pushed in a more technologically advanced direction. COVID-19 has made an electronic impact on how the real estate industry does business and hackers are taking full advantage. Chris and Nicole discuss three types of malware then follow up each by explaining how this form of fraud can be prevented as well as what happens and what you should do if you click on spam links that infiltrate your email.

Nicole and Chris will explain the different methods of protection such as utilizing a 2-factor authentication, checking bank transactions regularly, and running scans for viruses on your systems. 

Implementing this kind of technology can be intimidating, however, it is important that you take advantage of these protective processes to ensure you, your information, and your business are all safe from fraudsters! 

Join Chris and Nicole as they uncover the facts and share their expert insights. Real estate wire fraud is the problem, SafeWire is the solution. 🔒

Learn how wire fraud happens and how to protect yourself.

Mortgage payoffs tend to be one of the most ideal opportunities for fraudsters to infiltrate due to the high dollar amount of most payoffs. Hackers are able to do this by using spoof portals and fake identities. One of the largest issues revolves around how the internet makes it much easier for them to have access to the payoff transaction process. 

Smaller lenders tend to be most likely to become a victim of payoff wire fraud. These companies are sending payoffs and wiring instructions through applications such as a Word document instead of via fax or from a secured email. Many lenders also aren’t seeing this as an issue, which results in their employees being unaware of and unable to combat mortgage payoff fraud. 

Chris, Nicole, and Kelley discuss their opinions and experiences with mortgage payoff fraud as well as what are the best ways to go about avoiding it. 

Learn how wire fraud happens and how to protect yourself. 

Wire Fraud is an epidemic that affects even the most knowledgeable wiring professionals. Chris and Nicole discuss specific preventative measures used against wire fraud, however, the reality of the situation displays inconsistencies and impractical ways that are not beneficial to the consumers. One of the largest issues revolves around the consumer communicating through, even secured emails, where the email is infiltrated and they are not communicating with the secure identity. Ensuring the person you are communicating with plays a key role in utilizing preventive measures.

Join Chris and Nicole as they uncover the facts and share their expert insights. Real estate wire fraud is the problem, SafeWire is the solution.