Our lives have moved online
—shopping, chatting, even school. And guess who took full advantage? Scammers. Real estate transactions are particularly vulnerable to these scams simply because the financial target is so large.
With more people glued to their inboxes, email is one of their favorite ways to strike. The FBI has identified the seven most common email scams, and we’ve paired each one with expert tips to help you stay safe.
1. Business email compromise (BEC).
Scammers use email to steer wire transfer payments to an unauthorized account (theirs!). They hijack email conversations to redirect wire transfers to their accounts. This is a serious risk for anyone financing a home. Because we rely so heavily on email for both business and personal matters, BEC scams can lead to significant financial losses.
2. Email account compromise (EAC)
Scammers use email to pose as someone you trust and request payments. They might pretend to be your lender, asking for money to process a loan modification. Some claim to be attorneys offering help to homeowners behind on payments—for a fee. Others pose as landlords offering a great rental deal. They’ll ask for a deposit before you can visit the property—one they don’t even own.
3. Phishing.
These forged emails look like they came from a familiar source. Phishing (aka vishing, smishing, pharming) emails can take you to a phony website where they get you to enter passwords, credit card numbers, and bank account numbers.
4. Malware and Ransomware.
Scammers use links in emails to download damaging software—malware—onto your computer. When you click on the link, that malware locks you out of your computer and files, becoming ransomware. The attacker then demands payment, usually in cryptocurrency like Bitcoin, to give back access.
5. Scareware.
Scammers email you false threats to get you to send them money.
6. Denial of service.
Hackers block authorized users from accessing a system or network.
7. Data breach.
Scammers use email to break into data at a secure location and transfer it to an unauthorized environment.
7 Fixes to help stop these crimes:
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Never click on a link in an email unless you know the sender who is emailing you.
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Check email addresses.
A familiar address that’s off just one character did not come from where you thought.
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Verify wiring instructions.
DO NOT OPEN THIS EMAIL OR CALL ANY PHONE NUMBERS CONTAINED IN IT. Call a trusted phone number or number on the company’s website, not the one in the email. Phone the company who is supposedly emailing the wiring instructions and speak to a person involved with your transaction.
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Check URLs.
Hover the cursor over a site address in an email to see if it’s associated with the represented business. Better yet, call the business—again, using the website phone number—and find out if they sent you an email with a link.
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Look for misspellings and bad grammar.
Read suspicious emails carefully. Ones from legitimate companies should be error-free.
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Never give out personal or financial information without confirming the identity of the person requesting it.
This includes your Social Security number, bank account, and credit card numbers. Ask the person for credentials and look up the company they claim to represent.
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Keep informed and stay vigilant.
Stay aware of cybercrime developments. Take a minute to check if a questionable email is legitimate.
To report a cyber crime to the FBI →
Remember, we’re always here to answer your questions and help you take advantage of new opportunities! Call or email us if there’s anything we can do to help. – Norma Wall, Broker, North Point Realty
Scammers Target New Homeowners→
Safety When Showing Your Home→
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