Real estate wire scams? – Digitalmunition

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This topic contains 1 reply, has 2 voices, and was last updated by  SirCumference2525 1 month, 2 weeks ago.

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  • #292744


    Sorry if this is the wrong place for this, but I wasn’t sure where to post. I am a loan processor and I am astonished at the amount of real estate wire scammers that try to steal from our clients. They try it on a regular basis. The scammer finds a pending sale on Zillow or a similar website and then somehow finds out who the buyer is. Next, they send fake wiring instructions to the buyer while pretending to be the closing attorney and if the buyer falls for it, then they are simply screwed. I truly don’t understand how someone can get away with something like that. The scammers have the buyer wire the money to another bank account, and bank accounts and wire transfers are traceable right? Even if they don’t use their own bank account, wouldn’t they get busted the moment they tried to cash out? My LO was telling me about it happening to one of her clients and they were even told by the authorities that they couldn’t get their money back. How?!

  • #292745


    You transfer the money to a country like a Cayman Islands or some other financial haven. These countries are designed to protect your money from other country’s. They refuse to let anyone know who owns what account. Ie. They are safe.

  • #292746


    They create fake bank accounts AKA drops.

    They wire the $ to the drops and then will have various cashout methods.

    You’d be surprised at the amounts some of these fraudsters are pulling.

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