National Association Of Realtors Warns Brokers Of Email Hacking Scheme

Realtors can put procedures in place to protect themselves and their customers from wire scams.

January 26, 2017 /MarketersMedia/ —

For almost two years, the National Association of Realtors has been warning brokers of potential scams that target homebuyer down payments. The scams involve hackers using legitimate realtor email accounts to prompt homebuyers to wire down payments to offshore accounts, where the money becomes virtually irretrievable.

The scam in question works because the hackers bide their time, watching actual communications between agents and potential homebuyers. If emails indicate a purchase is forthcoming, the hackers swoop in with an email providing wire instructions to complete a down payment. With down payments as high as 30 percent and average home prices in the $230,000 range, hackers can get away with $70,000 or more on some transactions.

Brokers can combat this threat with strong security protocols and proactive communication. One security expert notes that the segmented nature of the real estate industry makes it difficult to implement comprehensive policies, making the industry attractive to cyber criminals. Brokers and agencies must take action to protect clients and themselves.

Using two-step authentication for email apps is a good way to reduce hacker access. Requiring agents to sign in with both a password and a code sent to a cell phone enhances security, says Jessica Egerton with the NAR. Agents should also avoid logging in to business accounts via public Wi-Fi; brokers who want to work on the go might consider personal Wi-Fi or hot spot plans for business use, as these offer more security than free Wi-Fi provided by coffee shops and libraries.

The NAR also encourages realtors to use communication to their advantage. Agencies might consider providing potential clients with information regarding cyber security threats so homebuyers are less likely to fall for wire scams. Realtors might also counsel homebuyers that payments should never be made based solely off of an email; homebuyers should call the agent on the number provided on the business card before making any wire transfers.

Cyber criminals are known for evolving quickly as businesses take action to secure accounts and data. Real estate professionals should take precautions to protect any digital entry point to company, personal or financial information. The same security tactics used to protect client down payments can be leveraged to protect all sale-related transfers, realtor payments and commission accounts. Commission Express works with realtors to ensure the safety of all of our payments. For more information, visit Commission Express's website www.commissionexpress.com.

Contact Info:
Name: Sarah Hess
Organization: Commission Express

Source URL: http://marketersmedia.com/national-association-of-realtors-warns-brokers-of-email-hacking-scheme/164826

For more information, please visit http://www.commissionexpress.com

Source: MarketersMedia

Release ID: 164826