by Paul Silverstein on 09/25/14
hacking method targeting the handling of wire transfers is causing tremendous
problems and financial losses in the Real Estate Industry. This new breed of hackers
are intercepting and stealing millions of emails in search of 13 digit numbers,
which is the standard number of digits in bank accounts.
hackers identify these particular emails, they monitor them automatically for
certain keywords common to Real Estate Transactions.
target emails have been identified, they hone in on them and monitor all of the
emails between the parties, essentially eavesdropping as details of the bank
accounts and wire transfers are discussed.
Real Estate buyer is ready to wire their deposit to the bank, the hackers
intercept the email and take control of the email stream. They duplicate the
email attributes so they look exactly like the party who is supposed to
legitimately receive the wire transfer funds. In fact, they continue communicating
with the buyer so the buyer continues to believe that they are exchanging
emails with the same entity.
suspicion, the hackers use the same bank that the receiving party planned on
using, changing only the last few bank account numbers, which is often
unnoticed. This way the wire transfer flows directly into the hacker's bank account
without the buyer's knowledge, until a day or so before a closing, when the
shortage of funds is noticed. Meanwhile the bad guys collect their money, close
the account with the misdirected funds, and disappear.
In order to
ensure the safety of wire transfers, many Real Estate companies have implemented
a special security protocol. Each client that is about to receive wire transfer
instructions must be contacted by phone to confirm the account numbers verbally
before the wire transfer can take place. This is a cumbersome, but very
necessary process to protect our clients from losing their money. The Florida
Commercial Team are committed to ensuring this security protocol is
As Senior Vice
President of RE/MAX Advance Realty, and President of the Florida Commercial
Team, Paul Silverstein has been following the Real Estate market in South
Florida for 30 years. Please feel free to contact him at 305-794-9773 for more
information on Commercial Real Estate investments in Miami.
by Paul Silverstein on 09/25/14
According to Paul Silverstein, President of the Florida Commercial
Team, Miamihattan is the newest buzzword for the city of Miami. It is
undergoing a radical transformation driven not by the discovery of oil or gold,
but precious Real Estate.
the New Manhattan. According to Paul Silverstein, President of the Florida
Commercial Team, Miami is in the process of becoming the Manhattan of the
South! "Forget about the phrase World Class City," Mr. Silverstein
said. "Miamihattan is the newest buzzword for Miami, which has gone
through more boom/bust cycles than Donald Trump has gone through wives. But
that is in the past, and it won’t be repeated in Miamihattan."
most extraordinary is that this transformation, going on right under the noses
of its citizenry, is happening at lightning speed. In the next five years
Miamihattan will literally double in size. That’s right - double in size. This
has only happened to cities in the past where boom-towns were based upon the
discovery of oil or gold.
is what has finally been discovered here; only Miami’s treasure is not oil or gold:
its Real Estate. Hundreds of thousands of South Americans are investing their
money in this stable, beautiful city, just in case their homelands become, or
already are, unstable.
see phenomenal investment opportunities. Canadians see warm weather. Even Asian
monies are now flowing into Miamihattan. Everyone wants a piece of the coral
explosion will be most notable when the Port of Miami dredging project begins
to reel in cargo ships the size of skyscrapers from the expanded Panama Canal
in the next couple of years. It will be noticed when the major expansion of
every major expressway has doubled in size. It will be noticed when the tunnel
allowing freight to be hauled under Biscayne Bay on its way to the South and
Northeast is completed. It will be noticed when millions of square feet that
are now only footprints on coral rock rise to 500 and 700 foot high towers of
residential, office and retail projects.
growth spurt, this yeast like expansion, has affected not just the Downtown
core. It has spilled over into cities miles away, pushing up real estate prices
past the great real estate boom of 2000-2004. But this expansion and growth is
fundamentally different. This growth is not governed by mortgage rates or
economic cycles but by enormous amounts of cash. Mr. Silverstein noted that
"buckets and buckets of cash have been and continue flowing into
Miamihattan, the hottest city in the USA."
every commercial transaction in Miami, and the majority of residential
transactions, are paid for with cash, the likelihood by naysayers of a real
estate crash becomes most unlikely. The past, in this particular case, is not a
prologue of the future.
Silverstein is extremely optimistic about the city's future. "Like the
Manhattan to our north, it appears that this doubling in size will just be the
beginning of a multi-year, multi-decade of developmental growth and progress
the likes of which this sleepy little tourist town, formerly known as Miami,
has never seen before," he said. "It's time to get a piece of this
commercial real estate rock before you can’t even afford the sand."
Vice President of RE/MAX Advance Realty, and President of the Florida
Commercial Team, Paul Silverstein has been following the Real Estate market in
South Florida for 30 years. Please feel free to contact him at 305-794-9773 for
more information on Commercial Real Estate investments in Miami.