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cyber crime continues to rise around the
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globe and the real estate sector has
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been an extremely lucrative Target for
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frauders cnbc's banking reporter Hugh
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son out with the story of one Silicon
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Valley executive that had nearly
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$400,000 stolen by cyber criminals while
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she was attempting to put a down payment
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on a house he was here now with all the
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details I think the sophistication of
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the person this happened to is what also
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grabs everybody's attention right this
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is a a 25-year veteran uh of uh tech
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companies including cyber security
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companies uh getting taken by the scam
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uh you know so this is this is a case of
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essentially a person who's going through
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the process of buying a home uh believes
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they're sending a down payment in this
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case about $400,000 back in January to a
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title company when in reality it was to
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a cyber criminal uh and so the category
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for this uh is is deemed uh you know
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real estate wire fraud and in real
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estate wire fraud essentially you have a
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hacker penetrating the systems of a
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lawyer uh you know a real estate agent
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mortgage broker any one of the
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Professionals in this industry uh and
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essentially lurking and waiting for the
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right time to inject their email into
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this uh conversation which is hey send
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me the wire uh for the down payment this
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is the account and in this case because
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the hacker was already in the mortgage
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broker system and she had been having
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this conversation with them it really
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appeared to come from that company
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saying hey here's the JP Morgan account
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to wire it to right so I mean this
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wasn't something where it was coming
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from xyz.com it really flowed into the
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and R rard who's the tachon executive uh
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obviously wouldn't would be attuned to a
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weird email with a bunch of letters and
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this was actually and I I eyed the email
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itself it was indistinguishable from the
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other emails in this chain uh and so one
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of the takeaways from this and is an
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eye-opening one which is you can never
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really trust what an email says that
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hackers can impersonate anybody over
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email in other words the send URL that
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you know the address can be anything and
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so you should really disregard that and
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cases when you're about to send large
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sums in this case 00,000 to title compan
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you have to confirm that that's the
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right place you got to tell all your
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Banks they got to do something about
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this wire process because there's no
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conf you you send this money out these
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massive sums there's no real paper trail
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I mean this goes into some of the
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Bitcoin and crypto stuff but like
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they've invited this with some of the
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way the systems work I feel well well
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take Quick Step Back wires faster than
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ACH almost instantaneous closed within
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24 hours much larger sums than zel which
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is only a few thousand this is ideal for
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criminals or cyber criminals they real
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estate in the real estate deal you're
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overwhelmed with papers speaking of
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instantaneous close we got one in about
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10 seconds close the power you there cat
2:39
more that story.com we appreciate it
