Down to the Wire
Real estate attorneys continue to be targeted by scammers hoping to poach funds through the wire transfer process. Recent reports have revealed an 145% year-over-year increase in instances of wire fraud, with $1.4 billion in suspected wire fraud attempts during 2022. Why are real estate transactions plagued by these fraudulent schemes? In short, the potential payday to the scammer is huge.
The instantaneous delivery of funds coupled with the challenge of recovering the money make wire transfers incredibly attractive to scammers. Plus, the one-time, high dollar payout means the scammers are willing to be patient, monitor the deal, and then methodically infiltrate the transaction through bogus email accounts
(read more)
CLICK HERE TO GET AN ATTORNEY MALPRACTICE QUOTE
This document should not be construed as legal advice. Because the facts applicable to your situation may vary, or the laws applicable in your jurisdiction may differ, please contact your attorney or other professional advisors if you have any questions related to your legal or medical obligations or rights, state or federal laws, contract interpretation, or other legal questions. Attorney Protective is a MedPro Group/Berkshire Hathaway company that protects the reputations and assets of attorneys across the nation. "Attorney Protective" and "AttPro" are also used as marketing names used to refer to the attorney professional liability programs administered by Attorney Protective or its affiliates and underwritten by National Liability & Fire Insurance Company, AttPro RRG Reciprocal Risk Retention Group, National Fire & Marine Insurance Company – each of which has earned an A++ financial strength rating from AM Best – or other Berkshire Hathaway affiliates. Product availability is based upon business and/or regulatory approval and may differ among companies. © Attorney Protective. All Rights Reserved.