March 1, 2022 – Cheri Hipenbecker, general counsel for Milwaukee’s Knight Barry Title Group, wants attorneys to be aware of a new real estate scam: cybercriminals who con realtors into selling property they don’t actually own.
Here’s how the scam works.
A cybercriminal emails a realtor, purporting to be the owner of a piece of property, and asks the realtor to list the property.
If the realtor finds a buyer, Hipenbecker said, the cybercriminal asks to have the sale and closing conducted electronically, including emailing the deed. The cybercriminal then has the deed fraudulently notarized and collects his or her money.
“It started in Florida in January of 2022, and it’s eked its way up to Wisconsin,” Hipenbecker said. “I suspect it’s here to stay until we educate enough people about this fraud and the criminals go away.”
Watch the full video to learn how to protect your clients from this scam.