Recently, real estate brokerage firm Keller Williams reported a wire fraud incident in the Bay Area. According to the report, the buyer lost his entire down payment on a home by sending it through a fraudulent account that he received via a hacked email address. This incident represents a major step back in progress. Fortunately, Propy has a solution for cases like this.
Keller Williams Proves the Risk of “Old World” Real Estate
One might think that fraudulent activities like the one mentioned only happen in low-level crime transactions and not real estate transactions. However, the Keller Williams incident suggests otherwise. Due to a simple hacked email address and a fraudulent account, a buyer lost his entire down payment on a home. The instance is just one example of how insecure means of communication can lead to criminal activity. Due to the case, Keller Williams put a moratorium on all wire transfers. Now, buyers must physically deliver checks to escrow companies. It is a significant step back for an industry that is already thirsty for innovation.
What Is Wrong with the Current Real Estate Process
Now, when technology is seeping into our everyday lives, why should we rely on archaic transaction forms? In real estate transactions, in some cases, that is the only way to stay safe. There are many parties involved during the property buying process, and it is becoming more difficult to protect oneself from fraudulent activity. If one is not careful, criminals can intercept sensitive information and, within minutes, send you realistic instructions on where to send money. The instructions look identical to those from escrow. Sure, there are ways to avoid this, but they might involve time-consuming face-to-face meetings. However, with blockchain technology’s transparency and Propy’s innovative automation features, there is a solution.
Propy Envisions a Bright Real Estate Future
Propy wants to provide innovation and progression for the real estate industry through its property transaction platform. Potential for wire fraud, document manipulation, and corruption are eliminated, due to the security of the platform and the blockchain. With automated smart contracts, there is no room for human error, and the transaction occurs seamlessly between the buyer and seller. Propy aims to lead the way in creating a more secure real estate environment for all in the near future.