Don’t fall victim to wire fraud // Buyers and sellers: Beware of this common real estate scam


Wire fraud has suddenly become a massive problem in our marketplace. Whether you’re a
buyer or seller, there will come a point when you need to either send or receive money via your
title company. And in today’s busy world, many people opt to transfer these funds digitally. This
is all well and good, but it does pose some major security risks, namely: wire fraud.

So what is wire fraud, and how can you avoid it?
In short, wire fraud is a scam during which someone will hack your title company’s email
address and send you faulty instructions from that account, effectively tricking you into sending
your funds to the wrong account. Unfortunately, there is no way to get your money back once
this happens.

This is why, to avoid wire fraud, you must only ever follow the instructions sent to you
from your title company in the mail or in an encrypted email. If you have any questions or
ever have reason to doubt that the instructions you’ve received are legitimate, don’t hesitate to
call the title company directly using contact information from their website or from your Realtor.
The instructions you initially receive from your title company will never change. Anyone who tells
you otherwise is trying to scam you.

As always, if you would like to learn more about this or any other real estate-related topic, feel
free to reach out to us. We look forward to hearing from you soon.

 

Comments

  1. Nancy Boat says:

    Thank you both, Really important information. I’m passing this on to others in the area.

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