Home buyers have no chance of losing their down payment, real estate agents no longer lose their commission, and title companies are viewed as secure and reliable. BuyerDocs is an Austin-based company with the goal of eliminating wire fraud.
When explaining BuyerDocs to title companies, I often hear “we already have a secured proprietary system” for sharing wire information with home buyers and lenders. However, most people are unaware of the dangers of proprietary systems and how they are MORE vulnerable to security holes and thus hackers.
Title companies are increasingly turning to encrypted/secured email to protect their buyers from wire fraud. Unfortunately, encrypted/secured emails can do nothing to prevent the biggest threats that are defrauding home buyers.
BuyerDocs aims to remove wire fraud from residential real estate by securing document delivery for home buyers.
[W]e’ve uncovered a brand new real estate tech startup that is dedicated to solving this problem. ... Because [BuyerDocs] is brand new, it’s not yet the industry standard, but it truly should be.
We’ve heard of scams that often cost victims hundreds or thousands of dollars, which is bad enough. But a mortgage title scam that almost victimized an Akron-area man could have cost him what could have been a life savings for many...
The I-Team has a warning after a local couple's life savings vanished. They lost more than $300,000 during the purchase of their dream home in a scam that could happen to anyone. There's very little homebuyers can do to protect themselves...
According to new data provided for this column by the FBI, in fiscal year 2017, nearly $1 billion ($969 million) was “diverted or attempted to be diverted” from real estate purchase transactions, and wired to “criminally controlled” accounts.
CNBC's Diana Olick takes a look at how some digital schemers have been able to target real estate agents, title companies and homebuyers with fraudulent emails in an attempt to divert down payment money to other accounts.
It starts with an email to home buyers about wiring a final payment; then scammers intercept and take it all. NBC Nightly News’ Jo Ling Kent explains how to prevent this from happening to you.
Imagine that you've just found your dream home. You've agreed on terms and you've signed a purchase contract. You're sent an email with wire transfer instructions, and you send off the money, knowing you're only a few steps away from owning your new home.
Criminals are hacking into the email accounts of real estate agents or other persons involved in a real estate transaction and using information gained from the hack to dupe a party into a fraudulent wire transfer. The hackers often send an email that appears...
In recent months, real estate professionals have reported an upswing in a particularly insidious wire scam. A hacker will break into a licensee’s e-mail account to obtain information about upcoming real estate transactions.