Oklahoma Bankers Association We make bankers better!
They’re back: BEC wire and ACH fraud.
Not that they ever went away, but we are seeing a serious uptick in wire fraud that is impacting realtors and abstract companies. The numbers are large (just under $40,000 and just under $300,000, as two examples). Our bankers are doing callbacks as required but the realtors believe they have been given correct wiring instructions and approve the wires. It is reasonable to be sure they are aware of this trend and to ask questions with any concerns.
We have contacted the real estate association and found it has done education on this topic. Links below go to podcasts it shared so that you can share them with your real estate/abstraction customers as needed:
- Video: https://www.facebook.com/OKRealtors/videos/vl.1973619649546968/10155506503317734/?type=1.
- Podcast episode: http://okrealtors.com/podcast/bitcoin-wire-fraud/.
- Other episodes: http://www.okrealtors.com/talkingreal.
OBA is also sharing some links for more information on the topic, also something you can share with your customers.
- https://www.helpnetsecurity.com/2017/11/07/real-estate-scams/.
- https://www.ic3.gov/media/2017/170504.aspx.
- https://www.cnbc.com/2017/10/19/scammers-are-conning-home-buyers-out-of-their-down-payment.html.
Finally, in addition to watching for these, we have had an instance of a large attempted ACH wire fraud today, so we are encouraging you to be vigilant on all fronts. A great note to share with your retail customers on the topic of wire fraud is found in the CNBC story linked above:
“Don’t dismiss this as an interesting news story and distance yourself thinking this is something that won’t happen to you.” said Jessica Edgerton, associate counsel, National Association of Realtors.
As always, contacting our cyber partners at the FBI is often the first best step. If we can get it in their hands immediately, we have a much better chance of recovery for our customers. Stay aware on this and let OBA know when we can be of help!