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Multiple Parties, Private Communications Expose Property Transactions to Fraud: Sources

By Valentina Pasquali

Online fraudsters are increasingly posing as employees of title insurance firms and other parties in U.S. real estate transactions to misdirect payments to accounts they control, say sources. A wide range of firms have lost hundreds of millions of dollars in recent years through business email compromises, or BECs, whereby criminals hijack or spoof the email accounts of senior executives, then direct other employees into wiring funds outside of the company to cover what they have been tricked into believing are legitimate expenses. But since 2016 in particular, when, according to the FBI, complaints by title insurance firms believed victimized...

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