In Premier Sotheby's CEO Budge Huskey's latest column for the Sarasota Herald Tribune, he details the real risk of wire fraud in real estate transactions. Wire fraud goes well beyond the real estate industry, with prevalent risk from increasingly sophisticated hackers who trick consumers into transferring money under false pretenses. With real estate transactions, the stakes tend to be higher because the amounts of money transferred are significant. Vigilance in your online communications and password security is critical, especially as hackers use ever more advanced technology to mimic legitimate business operations. In a real estate transaction, never agree to transfer money without fully understanding the purpose and the recipient, picking up the phone to confirm the origin of the request if you have any doubt. Working with a professional that you trust is important throughout all of the steps of searching for or selling a home, and that extends to the transactional phase when you may have questions about who is requesting funds and why.
