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Wire Fraud in Real Estate Transactions

Wire Fraud in Real Estate Transactions

Wire fraud is on the rise everywhere and the Federal Reserve is being asked to take a more proactive role in preventing it, especially as it relates to real estate transactions. Two key points are:

1. All parties involved in the real estate transaction need to help educate customers on the dangers of wire fraud and on the ways to protect data and funds. For example, by encouraging consumers to call their known reputable source at a verified number to verify instructions before transmitting funds.

2. Financial institutions on the receiving end should match not only the account number but also the payee’s name when there is a wire transfer. Oftentimes fraudulent wire instructions will say the transfer is to be sent to the attorney’s trust account, for example, but instead it goes to the criminal’s personal account as beneficiary.

If you intend to wire funds to us and suspect anything may be wrong with the instructions, please phone us to verify. If we have sent you instructions and you suddenly receive an email asking you to wire to a different account, phone us to verify. We have only (1) IOLTA account, so we will never change our instructions and ask you to wire to a different account.

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Are you an employee if you work from home?

Are you an employee if you work from home?

The New Hampshire Legislature is currently proposing in House Bill 361 (2015) excluding individuals who exclusively work at home via the internet for on-line business activities from the general definition of employee in the New Hampshire Statute. The proposal would only apply to “a person who works exclusively at home via the internet for on-line business activities.” Such an exclusion, if passed, would allow the “virtual employer” to avoid paying workers’ compensation and unemployment benefits. The bill is currently pending.

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