Buyers, Sellers & Agents Beware: Real Estate Hackers Want Your Information

Hackers are always finding new ways to get into our information, and lately they seem to be focusing heavily on real estate transactions. They are doing this by breaking into your email accounts and finding information about pending property sales, which they can use to their advantage.

The hackers find out what they can about transactions, including names and email addresses of parties involved in the transactions such as buyers, sellers, escrow or closing officers/companies, and other real estate agents. They then send emails posing as these people asking for purchase funds to be wired to accounts that they own.

How do you protect yourself from these hackers?

1.  VERIFY: Don’t ever transfer ANY funds without calling to verify amounts and account numbers. Even if the email looks like it comes from the escrow company, take a few moments to call anyway.

2. KEEP BANK ACCOUNT INFORMATION PRIVATE: Don’t ever provide bank account information – make sure that your escrow or closing officer handles this in a professional manner.  You should never give out your own bank account numbers. If there is a wire that needs to be made, all you need is the wiring information directly from the escrow company (or attorney if you are in a state that uses attorneys to close property sales).

3.  KEEP YOUR EMAIL ACCOUNTS PROTECTED: It is important to protect your email accounts as best you can. Change your email passwords often, and make sure they are not easy passwords to figure out. Do not use your birthdate, name, or other obvious information. Definitely do not use the word “password,” your birthday, numbers like 123 or your childrens’ names.  Try to think of passwords that do not make much sense and would be difficult to figure out, with a combination of numbers and letters.

There are some email servers that provide two step verification processes in order to log into email accounts. They use codes that are sent to you via a mobile app or text message – these codes are never the same but are required in conjunction with your password. Check with your provider.

Hackers will always pose threats, but you can lessen the chances of being victimized by being careful and vigilant.