Boulder Realtors beware – SCAM Alert!
This is not the first scam, just the most recent. And actually it’s not just the Boulder Realtors… It’s all Realtors who need to be on the alert for this. I found the following email in my inbox this morning:
BARA Members,
It has come to our attention that a scam occurred over the weekend where a Buyer’s Agent received an email, supposedly from a title company, with the correct file number and Buyer’s name, that included “new” wiring instructions.
The instructions would have sent the funds out of the country and were completely fraudulent. Our BARA member then received 4 identical emails this morning at 5:00 a.m., again, supposedly from the title company. Sensing something wrong, the REALTOR called the title company to verify the change, which was bogus. The wire, already in progress, was able to be stopped in time. The buyer stood to loose $300K had this transaction been completed.
This case has been sent to the FBI for investigation.
BEWARE. If you receive any notifications regarding Wiring Instructions, VERIFY with the title company by a PERSONAL telephone call. Email accounts were hacked and false email addresses were created in this scheme.
This affects both buyers and sellers. You might think as a seller, it’s not your problem. But it is. If the buyer loses all their money just prior to closing, they can’t buy your property!
Sometimes people ask me about belonging to my Realtor Association. It’s not cheap, so are the benefits worth it? Heck, yes! My local Realtor Association (the Boulder Area Realtor Association) is my advocate in Washington, my provider of low cost or free continuing education, a place where I get questions answered, hob-knob with other Realtors and feel supported in an industry that can be challenging and unpredictable. Barely a week goes by that I’m not grateful for the little things that BARA provides, as well as the big things.
From a buyer/seller perspective, if you work with a Realtor (not pronounced Real-a-tor, FYI) you are working with a professional who is dedicated to keeping themselves up to date with industry, legal and market changes, as well as a person who chooses to be held to a Code of Ethics. Ethics violations are punishable offenses in the Realtor world. They are unenforceable (except in proven financial loss) if you work with an agent who is not a Realtor.
You deserve to be treated right!
