7-minute NAR video can help protect you from disaster during closings

Have you ever heard of a broker whose client’s money was stolen during a closing?

In the NAR’s latest edition of “Window to the Law,” that’s just one of the real-life scenarios you can learn to protect yourself from. In “Cyberscams and the Real Estate Professional,” NAR Associate Counsel Jessica Edgerton says hackers interested in stealing large amounts of money during closings will gain access to a broker’s computer well in advance of the transaction and surreptitiously collect enough details to allow them to impersonate one of the parties.

They may send an email to a broker, pretending to be one of the parties involved in the transaction, hoping to get the buyer to transfer money electronically into a phony account.

She says steps can be taken to prevent this from happening. Check out the video now. Or you can refer to a copy of the slides from the video to do some valuable research.

 

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