Interesting twist on a Wire Fraud situation… this time the seller’s money does not reach the intended location after the closing is complete due to a cyber breach at the real estate agency or title company. This is a little different than normal because most of the situations we’ve seen are where the buyers money is stolen leading up to closing. This time the closing went off without incident but the bad actors tricked the title company into wiring the proceeds of the sale to the wrong sellers bank account.
We share these stories with the hope that you can start to see a pattern… everyone is a target when it comes to phishing scams. Bad actors are actively working to deceive people into transfers their money to false accounts. They are even attacking youth soccer volunteer boards as shown below. Be vigilant and always verify.
The Chubb policy is the cyber form PBI Group is currently recommending to our clients. We feel it has the best blend of coverage and services. This video is a brief overview of the policy elements.