What do Nigerian crime organizations and Indian Black Hat Hackers have to do with real estate wire fraud? Have you wondered who's behind real estate wire fraud and why it can't be stopped? Chris Sauerzopf, co-owner of World Class Title and co-founder of SafeWire shares how it's happening and who's doing it.
Chris breaks down 3 wire fraud cases and what could have been done differently. This session is for any real estate professional or consumer who's concerned with keeping fraud out of real estate transactions.
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Who Is Behind Real Estate Wire Fraud?
Hey everyone, it's Chris and this is the first blog post I am doing. I've been doing a lot of smaller video blog content, but now I'm going to go into some longer format posts because there's a lot of really challenging topics that we're coming across these days. What I want to start with is something we've been talking a lot about, and that's wire fraud & wire fraud prevention. For those who aren't familiar, wire fraud & wire fraud prevention are significant challenges for the real estate industry. According to the FBI, last year there was $9 billion lost in wire fraud related activities, whether that's business email compromise fraud, social engineering fraud, or just wire fraud as a whole. Attempted wire fraud estimates are as high as $90 billion, so this issue is significant.
The unfortunate reality for many of us is that this problem is going to get worse before it gets better, especially for consumers who we as an industry have a responsibility to keep safe. Right now, consumers have a 63% satisfaction rate with the home buying or selling process. So 62% of buyers, 64% of sellers are satisfied or very satisfied with the transaction.