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Be Prepared for Electronic Fraud On The Rise

 

We are starting to see a great trend in electronic fraud on many levels, not to mention virtual kidnapping, which has seemed to spread north of the US/Mexico border. I wanted to let our client friends and acquaintances know of this, so you can take measures to minimize this happening to you or someone you know. One of Glazer's clients called to let us know what had happened to them recently. Joe had one of his friends contact him saying that he was at US customs and he had brought $19,455 dollars to buy equipment, and that US customs was fining him $995.00 dollars. In order to get his money back he was asking Joe to send him the $995.00. Joe said his friend voice was the same, but sensed something wasn't right. He asked his friend why didn't he just call his wife to take him the money and why didn't the US customs just take the $995 from the $19,445 and give him the difference. But at each suggestion the caller seemed to balk at the suggestions saying he just needed the money. After a long phone call Joe said no, but just knew something wasn't right, so he called a friend with good contacts in Mexico and the US to ask him what to do. It just so happened that the guy that was supposedly calling him asking for the $995 just happened by chance to be with the friend Joe called. They went back and forth, but it was a bogus call. People are now able to use voice synthesizers and are able to hack people's phones, so please use your better judgment if you receive one of these strange phone calls. If it doesn't feel right most times it isn't. This is just one of the many things we have to deal with as well as the alert being sent out by the IRS and many other industries that deal with online fraud.

The Real Estate Industry has been hit hard with so many fraudulent emails and schemes aimed at Realtors, Title Companies, Buyers, Seller, almost anyone and everyone involved in a transaction. If an email is intercepted with specific dates and instructions a very official looking email is sent, that upon closer inspection tends to give you a feeling that something doesn't pass the smell test. Some unfortunate errors have been made like the sellers proceeds several hundreds of thousands of dollars at closing being re-routed to an offshore bank. Also emailing that Earnest Money should be wired to a bank in another state.

It has become such an issue that now many companies are starting to have their clients sign a Beware of Wire Fraud warning document, to help inform, protect and try to reduce the possibility of fraudulent emails ruining the clients transaction.

The horrible part is they are invading all industries Medical, Legal, Financial, and almost anything else you can think of that links to the net. There's even insurance being offered to protect companies in the event of a hacking nightmare. Ever think you'd hear of identity theft being a problem, well it is here and only going to get worse, so please be cautious of funny smelling e-mails or phone calls that don’t pass the smell test.

Even with today's technology this seems to be happening on a much broader and quicker pace than ever before1 so please take precautions. Software programs such as RPOST, Sharefile, etc. etc. and other programs that allow or minimize possible breaches of emails and or data can minimize risks and possibly save you from a terrible ordeal.


Regards,
Morey Glazer

 

 

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