Shockingly, the Texas-based property management software company RealPage became the target of hackers who walked off with $10.5 million from its accounts, according to the local media.
The hackers had obtained login information for one of its employees which allowed them full access to their online financial accounts.
The funds were then laundered through a network of accounts across the country and then transferred to a Nigerian account.
According to a conversation with the Dallas TV station, NBC5, the investigation has discovered an enormous network of money mules had been communicating by telephone or on the internet with people they thought were legitimate businesses or entrepreneurs who were sending proceeds from business and/or real estate transactions.
RealPage is working with federal prosecutors to reclaim their funds. More than $2.9 million in the stolen money was seized by the federal prosecutors. The stolen money was tracked to 88 different accounts in 42 banks across the country.
It seems that recently, the real estate industry has become the target of hackers looking for money and/or data. Last year, StreetEasy was hacked for payment information from millions of accounts.
In September, the Corcoran Group said they were victims of a hack that stole information regarding agent splits, marketing budgets, and commissions.
RealPage was founded in 1998 and has been actively involved in acquisition sprees over recent years and acquired an electronic payment company.
Recently, ClickPay and the property management solution provider, Buildium along with multifamily real estate engagement solutions Modern Message were also acquired.