California Real Estate Fraud Report

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04
Aug

Criminals Hacking into Real Estate Agents’ Emails, Stealing Down-Payments, Closing Funds

If you’re purchasing a home, watch out for this latest real estate fraud scam by hackers.

Criminals are hacking into the email accounts of real estate agents, escrow and title companies. They pose as legitimate parties to the real estate sale and have convinced many unsuspecting buyers to wire their down-payments or closing funds to accounts controlled by the hackers. As a result, a number of home buyers have lost their life’s saving, which are usually not recoverable.

In one case, attorney Matt Borden’s is suing a real estate company on behalf of his client who lost $500,000 due to a similar fraudulent email from her real estate agent’s email account.

“She was crushed. This was her life savings,” said Borden.

The National Association of Realtors and the FBI have issued warnings about these sophisticated email scams targeting the real estate industry.

Read the original article in CBS Local.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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