The Tennessee Association of Realtors has added this language to the 2017 TAR Purchase and Sales Contract:
"IMPORTANT NOTICE: Never trust wiring instructions sent via email. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are convincing and sophisticated. Always independently confirm wiring instructions in person or via a telephone call to a trusted and verified phone number. Never wire money without double-checking that the wiring instructions are correct."
This is a great first step from our REALTOR partners. However, this notice is located on lines 492-495 of the contract and I have little hope that our buyers will read it.
Please consider putting this warning on your Facebook pages, signature lines and in the scripts that you say to your Realtors, Buyers and even Sellers.
Buyers ARE receiving fake wiring instructions and they ARE sending their money to Nigeria. We must do everything we can to stop this form of theft.