Verify your wires!

By Donna Ruscitti The FBI’s Internet Crime Complaint Center has released its 2018 annual report, which includes statistics that internet-enabled theft, wire fraud and exploitation were responsible for a staggering $2.7 billion in financial losses in 2018. If you are involved in transactional work, this can happen to you. Reports detail an increasingly common story of wire fraud accompanying large sum transactions. The story line often includes a spoofed email invoice in connection with closing, which instructs one party to wire closing related expenses to a fraudulent account. As a result of the detailed and convincing invoice, one party loses their funds forever when they wire a large sum to the hacker’s offshore account. What are the courts saying? Recent news reported on a story about a hack that took place during a real estate closing. The a law firm forwarded money to Deutsche Bank in accordance with instructions from a mortgage company. Through…

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