Educational Scenario: This is a fictional case study created for educational purposes. Business details are not real, but the attack methods and impacts represent documented cybersecurity threats.
Real Estate Closing Wire Fraud
Real estate agency's email was spoofed to redirect closing funds, causing deal cancellations and reputation damage.
Fraudulent Instructions
February 14, 2024Buyers received wire transfer instructions appearing to come from their real estate agent with 'updated' bank account information
Wire Sent
February 14, 2024Buyers' bank processed $850,000 wire transfer for their home purchase to the fraudulent account
Closing Day Discovery
February 15, 2024At the scheduled closing, the title company revealed they never received the wire transfer
Investigation Begins
February 15, 2024FBI contacted, banks notified, but funds had already been moved through multiple accounts
Recovery Failure
February 16, 2024Only $150,000 of the original $850,000 was recovered before funds disappeared overseas
Potential Impact Analysis
$700,000 client loss, $100,000 in legal fees, loss of commission on multiple deals
All pending transactions required new security protocols, deals delayed or cancelled
Lost all referral relationships, negative real estate community publicity
Multiple lawsuits, real estate license review, E&O insurance claims
Attack Method
Email spoofing targeting high-value real estate closing communications
Common Vulnerabilities
- No email authentication system
- Standard practice of emailing wire instructions
- No verification protocols for financial instructions
- Clients unfamiliar with verification procedures
Types of Data at Risk
- Property transaction details
- Client financial information
- Closing timeline information
- Wire transfer instructions and account details
- Real estate closings are extremely high-value targets
- Wire transfer instructions should never be sent via email
- Multiple verification methods are essential for large transactions
- Client education about fraud prevention is critical
- Implement DMARC email authentication
- Never send wire instructions via email
- Require phone verification with known numbers
- Use secure client portals for sensitive information
- Educate clients about common fraud tactics
The real estate agency lost their largest clients and had to close one office location. The principal broker's license was suspended for 6 months for failing to have adequate security protocols. They've since implemented strict verification procedures but have never fully recovered their previous transaction volume.
Protect Your Business from These Threats
This scenario shows how these attacks can be prevented with proper email security measures. Get a free scan to see if your business is vulnerable.