The Day – How to Avoid Real Estate Cyber Scams

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Phishing, hacking, wire fraud—these are all ways people attempt to steal from others online. As real estate searches and transactions move more and more online, the chances of being caught up in a cyber scam have become even greater.

“By now most people have heard of the Nigerian prince scams or phishing emails asking for social security or banking information, but many people don’t know that they need to watch out for possible scams when buying or selling their home,” said ECAR President Bonnie Nault. “Cybercrimes have become increasingly sophisticated over the years and the people perpetrating them focus on situations where a lot of money is changing hands, making real estate transactions an ideal target.”

The National Association of Realtors® recently warned its members and consumers about one example, a wiring scam during the closing stage of the home buying and selling process. Hackers will break into the email accounts of…

Read full article at www.theday.com