Even the best can get scammed

[Pat L.]

sobering but it happens .... to the best

https://www.cbsnews.com/news/b...

[Jay Hinrichs]

Originally posted by @Nathan Gesner:

Yes, it is important to follow a very simple rule: before wiring money, call the person on the phone and verify the instructions came from them. A young couple in California just lost $800,000 a couple weeks ago. I believe Matt Faircloth lost about $750,000 on one of his investment properties.

It sounds obvious but it's easy to get caught up.

Nathan i could be wrong but I think Matt's loss was a crooked 1031 exchange accomodator in FLA..

here is our procedure as we send wires pretty much daily 1 to 5 wires go out.

If they are in our system we have the template at our bank.. we make a request via e mail.. bank calls ME I have to give my secret code.. they run over the basics of the wire and send it out.

If its a first time wire.. my office will call the title company or lawyer were we are sending funds.. and verify in writing.. Along with that we usually google earth the establishment.. and since its usually a secretary or escrow assistant we talk to.. We will say.. Hey is your office the one across the street from the In and Out burger.. they reply No its the one across from mc donalds  we know its Mac D so that is two ways.

were these guys get you though is intercepting e mails.. and then writing like they are the title company or if its a vendor looking for a draw and then state hey we had to change banks..  We caught one person trying to do this to us personally.  we notified our vendor and sure enough she got hacked..  so any change in wire instructions is a RED FLAG FUll STOP.. people do change banks but you need to verify.