Bulletin: SLS2020006

Dear Associates:

Wire fraud attempts are on the rise due to the current coronavirus pandemic. Attorneys, realtors and buyers are being targeted by fraudsters at an increased rate. We have become aware of successful and attempted fake emails purportedly from "Stewart" instructing the buyers to immediately wire funds “today” to avoid a delay in closing. In one recent case, buyers were told “Due to Covid-19 our process has changed so you must wire funds today to this account.”

This is a reminder to be even more diligent than you were prior to this pandemic. In addition to following wire fraud prevention protocols, an important means of reducing the potential for wire fraud is to initially communicate to the parties involved in the transaction to be on their guard regarding wire fraud. It may reduce the likelihood of fraud if they are told to never wire funds in response to an email or text, even if it appears to come from the realtor or the title company. Further, we strongly recommend you provide the authentic wiring instructions when the file is opened, and advise that, in the event that they receive a subsequent email purporting to change the wiring instructions, they should always verify such new wiring instructions by calling your office before proceeding, using a telephone number not in the subsequent email. 

Other fraud-prevention tips to suggest include:

1. Change passwords regularly.
2. Watch for fake emails. Fake emails may include the Stewart name but will not come from the Stewart.com domain. Examples of fake emails are jjonesStewart@gmail.com or john.jones@Sstewart.com. Also, the email address or the wiring account name will often contain the word “closing” such as lawclosing or closing title. These are fake.
3. In addition to emails, all calls and texts relating to wiring funds should be verified by calling the telephone number of the office that opened the file.
4. Be extra diligent and remind realtors and buyers of the increased risk and types of scams to avoid. 

If you have any questions, please contact Cindy Madole or Bob Taylor.

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