Miami, FL, September 26, 2014 --(PR.com
)-- A new hacking method targeting the handling of wire transfers is causing tremendous problems and financial losses in the Real Estate Industry. This new breed of hackers are intercepting and stealing millions of emails in search of 13 digit numbers, which is the standard number of digits in bank accounts.
Once the hackers identify these particular emails, they monitor them automatically for certain keywords common to Real Estate Transactions.
Once the target emails have been identified, they hone in on them and monitor all of the emails between the parties, essentially eavesdropping as details of the bank accounts and wire transfers are discussed.
When the Real Estate buyer is ready to wire their deposit to the bank, the hackers intercept the email and take control of the email stream. They duplicate the email attributes so they look exactly like the party who is supposed to legitimately receive the wire transfer funds. In fact, they continue communicating with the buyer so the buyer continues to believe that they are exchanging emails with the same entity.
To avoid suspicion, the hackers use the same bank that the receiving party planned on using, changing only the last few bank account numbers, which is often unnoticed. This way the wire transfer flows directly into the hacker's bank account without the buyer's knowledge, until a day or so before a closing, when the shortage of funds is noticed.
Meanwhile the bad guys collect their money, close the account with the misdirected funds, and disappear.
In order to ensure the safety of wire transfers, many Real Estate companies have implemented a special security protocol. Each client that is about to receive wire transfer instructions must be contacted by phone to confirm the account numbers verbally before the wire transfer can take place.
This is a cumbersome, but very necessary process to protect our clients from losing their money. The Florida Commercial Team are committed to ensuring this security protocol is implemented.
As Senior Vice President of RE/MAX Advance Realty, and President of the Florida Commercial Team, Paul Silverstein has been following the Real Estate market in South Florida for 30 years. Please feel free to contact him at 305-794-9773 or visit the website http://FloridaCommercialTeam
for more information on Commercial Real Estate investments in Miami.