Wire Fraud In Vermont
It's real. It's here in VT. It affects VT law offices and VT buyers. It can wipe you out.
There is a 100% chance that you are a target. In fact, the bad guys may already be monitoring email traffic running through you office! The hacked party can be your office, the realtor, a client, or some other party in the transaction.
Here are some procedural requirements that will minimize the risk to your firm, and your clients, of falling victim to a wire fraud scheme. Please STOP and READ them.
Important: Most buyers are unaware of wire fraud. When they receive an email from "your office" telling them to urgently wire money, guess what? They do it. Guess what else? It's probably a scam and the money is gone. This just happened to a VT buyer who "only" lost $45,000.00 by following "her lawyer's" email instructions.
The solution: At file intake, have a verbal conversation with EVERY client. Tell them about wire fraud and and tell them that you will NEVER ask them to wire money. Of course, if you have to change your mind, you can always call them on the phone and explain the circumstances.
One wire fraud can ruin your day (or much more).