Kirby warns real estate transactions are prime targets, millions of dollars may have been stolen in Fannin
By Glenn Harbison
glenn@thenewsobserver.com
The boom in Fannin County’s real estate market and associated industries has attracted the attention of thieves smart enough to steal huge amounts of money by simply using their computers.
Fannin County Sheriff Dane Kirby said last week it was impossible to give a specific amount of how much has been stolen because all thefts are not reported to his office.
But in recent weeks, one real estate agent alone has reported two separate thefts totaling $45,000.
Based on previous known incidents, the total losses across the county are likely in the millions of dollars.
Computer hackers have previously concentrated on business bank accounts, but the latest target of these thieves are wire transfers associated with real estate transactions.
Kirby explained that hackers will take over a personal email account involved with a real estate sale, then forge wire transfer instructions so that unsuspecting buyers send money to a bogus account.
Once this money is gone, it’s gone, warns the sheriff.
“Losses are piling up every day,” Kirby said.
When the hackers are successful, everyone suffers, the buyer, seller, real estate agent, real estate company – everyone involved in the sale, Kirby said.
Local attorney Terry Lee Wilson, who specializes in real estate law, joined the sheriff in addressing the problem last week.
Wilson said wiring money is not something people normally do, warning, “it’s an important act...you should pay attention.”
Anyone wiring money should be extra careful to follow all wire transfer instructions, Wilson said. Attorneys are very specific in how they instruct their clients.
Wilson said Georgia law requires that any amount over $5,000 involved in a real estate closing must be wired to the law firm conducting the closing. For that reason, “make your closing attorney your friend,” he said.
He encouraged buyers to be in contact with the attorney. Then, follow the specific instructions outlined by that attorney for wiring any money.
Wilson said that any wiring instructions should be double-checked for accuracy. “Always independently confirm wiring instructions in person or via a telephone call to a trusted member” of the law firm involved, Wilson said.
He pointed out there are specific times when attorneys will advise customers to send wire transfers, which is another safeguard to avoiding thieves.
Any wiring instructions or changes to wiring instructions via fax or email should always be checked with the beneficiary of the transfer, Wilson said.
“You can lose your life savings” to a wire transfer hacker, he warned.
Kirby urges local real estate agents to warn their customers, and be on the lookout themselves, for possible hackers.
He said one of the problems that has come up in trying to trace the hackers and stop a future theft is that “it’s not necessarily obvious who gets hacked.” It could be the buyer or even the real estate agent involved in a sale, he said.
Both Kirby and Wilson agreed that “wiring money is dangerous. Beware.”