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Real Estate Tech Company RealPage Hit by $10.5M Hack

Portion of stolen money was transferred to Nigerian account

Texas-based property management software provider RealPage was the target of hackers who stole $10.5 million from the company’s accounts, according to local media.

The hackers obtained the login information for one of the RealPage’s employees, which gave them access to its online financial accounts. The stolen funds were then laundered through a network of “mule” accounts across the country, and transferred to a Nigerian account in at least one case.

“The investigation to date has revealed a large network of money mules who have been communicating by telephone and internet with individuals whom they thought were legitimate businesses or entrepreneurs sending funds that were proceeds of business or real estate transactions,” a special service agent told Dallas TV station NBC 5.

More than $2.9 million of the stolen money has been seized by federal prosecutors, and RealPage is working to reclaim it. In all, RealPage claims $4.5 million has been recovered. Investigators say the stolen money was tracked to 88 different accounts at 42 banks nationwide.

The real estate industry is increasingly becoming a prime target for hackers in search of money or data. A hack of StreetEasy last year leaked payment information for millions of accounts. In September, the Corcoran Group said it was the victim of a hack that leaked highly sensitive information about agent splits, marketing budgets and commissions.

Founded in 1998, RealPage has been on an acquisition spree in recent years, acquiring electronic payment platform company ClickPay in 2018 as well as property management solution provider Buildium and multifamily real estate engagement solution Modern Message in recent months.

[The Real Deal, HousingwireNBC 5]

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