Real estate fraud risk is on the rise, and victims are sounding the alarmPurchasing a home is an exciting milestone in a person's life, but criminals are increasingly exploiting such transactions through real estate fraud, robbing victims who are often left with little or no recourse.
CertifID's 2024 State of Wire Fraud report released Tuesday found that 1 in 20 Americans who bought or sold a home within the past three years have been victims of some type of real estate fraud, with the median amount in consumer losses exceeding $70,000 as a result of stolen buyer's down payments and seller's net proceeds.
The wire fraud protection company warns fraudsters have become increasingly skilled at leveraging public records, breaching broker and title agency systems, and posing as someone involved in a transaction to steal from unsuspecting consumers.
Virginia resident Darryl Aldrich and his wife were targeted in such a scam and shared the experience with FOX Business in an interview, saying it is "still kind of hard to believe" it happened.
Two days before closing on their home purchase, Aldrich received a legitimate email from the title company, alerting him that he would be receiving wiring instructions the next day. So, when he received an email with the identical email signature and wiring instructions the next day, he moved forward with sending the wire – more than $28,000.
When the Adlrichs showed up at the closing, the title officer asked when they planned to send the wire, saying it had not been received. So, the couple pulled up the email as proof of the instructions they had followed.
The problem was, the second email was sent by a fraudster impersonating the contact at the title company, with wire instructions to another account. The Aldrich's money had been wired to a criminal..................
https://www.foxbusiness.com/lifestyle/real-estate-fraud-risk-on-rise-victims-sounding-alarm
