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RE: If Something Smells Phishy, It Most Likely Is!
Seeing a lot of this in the real-estate industry. Buyers getting false wiring instructions and then sending money to the scammer's bank account. Can equate to hundreds of thousands of dollars.
Yeah I work in utilites and I've seen that as well...pretty sad, I'm usually one of the 1st people to have to notify them....
Yes, this scam does happen often in the real estate industry. My professional background is in IT, but I did study real estate and land use affairs. I dabbled in the industry for a while, and see many instances of the fraudulent wiring instructions. Good closing companies enforce policies about wiring transfers and I would also hope buyers do their due diligence by selecting a good real estate professional that would take the time to educate the buyer on such issues. It does help that many of the real estate documents are now e-signed, so the buyer has to be sure to follow the instructions on those set of "private" documents. Following instructions from other avenues would result in the phishing activity you mentioned.
Thanks for stopping by @kimor!