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Global Cyber Scam Targets Memphis Real Estate Company

MEMPHIS, Tenn (localmemphis.com) - There's new information about a major Memphis real estate company and its clients who are victims of a global cyber scam.

Eight people are accused of bilking $15-million through an intricate web of fraudulent schemes and online data breaches.

Memphis based Crye-Leike Realty confirms they were targets of that elaborate scam.   

Of the 8 people indicted, some live in the Mid-South others across the country and in Africa. Prosecutors say the group used sophisticated methods to steal money, and redirect the funds to accounts in Ghana, Nigeria, and South Africa. 

Why Crye-Leike? Because closings can often be costly transactions sometimes left vulnerable to cyber crooks.

According to the U.S. Attorney for Western Tennessee, the group would infiltrate a business' computer network with a spoof email. The fake email usually contained a malicious link.

The cyber criminals would monitor the now-intruded network for large financial transactions, such as mortgage closing funds. When they found one, they would send an email to redirect those funds through a network of people in the U.S. who transferred the money illegally through services like Western Union.

For up to three years, potential homeowners, real estate agents, and bankers were left none the wiser.

A representative with Crye-Leike said the hackers got some of the stolen money into scam accounts at U.S. banks, but the FBI was able to freeze some of those accounts before they could get the money out of the country.

He said that if anyone notice anything with their email to call the FBI and don't wait.


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