Down to the Wire
Real estate attorneys continue to be targeted by scammers hoping to poach funds through the wire transfer process. Recent reports have revealed an 145% year-over-year increase in instances of wire fraud, with $1.4 billion in suspected wire fraud attempts during 2022. Why are real estate transactions plagued by these fraudulent schemes? In short, the potential payday to the scammer is huge.
The instantaneous delivery of funds coupled with the challenge of recovering the money make wire transfers incredibly attractive to scammers. Plus, the one-time, high dollar payout means the scammers are willing to be patient, monitor the deal, and then methodically infiltrate the transaction through bogus email accounts
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