You have worked hard to save for your dream home, so don’t let cyber-criminals get in the way! Real estate wire fraud is a high-level scam that targets wire transfer payments during the homebuying process. Victims unknowingly send wire transfers to the accounts of criminals pretending to be professionals involved in the transaction – and it happens more often than you might think. In 2018, data shows that over 11,000 Americans lost nearly $150 million due to wire fraud. Protect yourself (and your funds!) by remembering the following tips.
Call, Don’t Email
Before transferring any of your funds, always confirm your wiring instructions by phone or in-person with a trusted professional. It is very uncommon for title companies to change wiring instructions and payment information by email.
Be Suspicious
Never hesitate to call your title company if you are ever suspicious of an email that mentions wiring instructions. It is always better to be safe than sorry!
Verify Immediately
Before wiring your funds, ask your bank to confirm the name on the account. Then call your title company immediately to verify that all the funds were received. The sooner it is detected that money has been sent to the wrong account, the better chance you have of recovering it.
