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Attorney Nicole Quinn will never forget the day she lost $240,000 of her client’s money.
“It was 2021 when this all went down,” she explained. “Because interest rates were down everyone was refinancing, so we were doing like 3 or 4 closings a day.”
By having just enough of the right financial and personal information, a scammer pretending to be her client duped Quinn and her paralegal. They inadvertently sent thousands of dollars meant for her client’s refinanced mortgage to the scammer’s account, instead.
“I went into full panic mode. I called everyone, I called the state bar, I called the FBI, I called the police in Clayton, where my office is,” Quinn said. “I think they could all hear in my voice how distraught I was.”
If you think this would never happen to you, think again. According to FBI data, 13,638 people in the US were victims of real estate wire fraud in 2020, losing $213 million. That is a 17 percent increase from 2019.
“Scammers get more sophisticated as time goes on, but most of these situations can be prevented if people are using the proper tools to keep this information safe and secure,” said Janet Thoren, who serves as legal counsel North Carolina Real Estate Commission.
To curb fraud, the North Carolina Real Estate Commission held a wire fraud conference in Raleigh, it is one of several events throughout the state. Thoren tells WRAL 5 On Your Side that real estate brokers and attorneys can take simple steps to keep money more secure. Like using two factor authentication for email, using virtual private networks, and making sure their staff and clients are well versed on proper wire transfer security protocols. Also, make sure to have the contact information of everyone involved in your transaction, including your lender, your real estate agent, and your attorney.
Here are 5 more ways to protect yourself, according to Rocket Mortgage:
5. Be wary of phone conversations
Quinn got the $240,000 back for her client, but that is rare.
“Two other attorneys were hit the same day and I do not think they got theirs back,” she said. “A scammer’s full-time job is to get into your computer and get your money.”
Quinn tells 5 On Your Side that she hopes her candor will prevent other similar situations, she adds that she tries to avoid transferring money via wire when possible.
“I’m not embarrassed by it, I want other attorneys and other agents, whoever is handling other people’s money to know how easily it could happen to you.”
Copyright 2023 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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