Scam Alert: Fraudsters Are Targeting Real Estate Deposits Through Email 

RECA is warning consumers and licensees about a recent scam where a fraudster intercepted legitimate real estate communication, which resulted in a buyer sending their deposit to a fraudulent email address. 

What Happened 
During an active real estate transaction, a fraudster gained access to the communication stream between a buyer’s licensee and a seller’s licensee. The fraudster then sent an email to the buyer’s licensee that appeared to come from the seller’s licensee, instructing that the buyer’s deposit be sent to a new email address. 

The message looked authentic. It referenced previous conversations and used the same terminology and style as earlier legitimate emails. There were no obvious red flags, making the fraudulent request hard to detect. 

The buyer’s licensee forwarded the instructions to the buyer, and the buyer ultimately sent the deposit to the fraudulent address, believing the instructions were legitimate. 

Why This Scam Works 
Cybercriminals are becoming increasingly sophisticated. They can: 
– Intercept or mimic active email threads 
– Spoof or replicate professional email addresses 
– Mirror writing styles and reference past messages 
– Create a sense of urgency to prompt fast action 

Because real estate transactions involve large sums of money and time-sensitive steps, fraudsters take advantage of that trust and urgency. 

Protect Yourself: Guidance for Consumers and Licensees 
Any time you receive unexpected or revised instructions about where a deposit should be sent, STOP and verify before passing on those instructions or sending money. 

Before sending a deposit: 

• Confirm changes directly at the source. Call the professional who appears to have sent the message using a trusted phone number already on file — never call a number listed only in a suspicious email. 
• Confirm with the designated trustee for the deposit. Contact them directly to verify payment instructions.
• Review email addresses carefully. Fraudsters often create addresses that look nearly identical to legitimate ones.
• Question any urgent requests. Pressure to act quickly can be a warning sign. 

If You Suspect You’ve Been Targeted 
If you believe you received a fraudulent message or have already sent funds to a scammer: 

• Immediately contact your bank — they may be able to stop or reverse the transfer.
• Notify your real estate professional and their brokerage.
• Report the incident to the police. 

Stay Vigilant 
Fraudsters continue to develop new tactics aimed. Verifying instructions and using secure channels can help prevent financial loss. 

RECA will continue to monitor emerging scams and provide updates to help keep Albertans safe.