The Colorado Division of Real Estate has
received notice about a scam involving a buyer's funds to close a transaction
and the buyer's broker receiving an email changing where the funds should be
wired. The email looks legitimate and will often have transaction
specific information in the body of the email or as an attachment. This
includes the buyer's name(s), subject property address, and file numbers.
The "new" wiring instructions have the bank wire the buyer's
money to a fraudulent account located outside of the country, never to be seen
again. The scam reflects the increasing technical sophistication of computer
hackers and all buyers and brokers are potential victims. The Division of
Insurance has been made aware of this scam and the Division recommends verbal
verification for any unexpected or expected change to the real estate
transaction.
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