Wire fraud is an increasingly common problem that is impacting many buyers, today. Here are some of the ways you can prevent it.
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Wire fraud is an issue that’s occurring more and more these days. But, how does it work?
First, hackers gain access to an agent or attorney’s email account. They then send out emails telling the buyer to wire funds to a certain account. Of course, this account is illegitimate but won’t appear that way.
Wire fraud mainly affects buyers and generally happens close to closing. However, it can affect sellers who are bringing money to closing. Sellers are also, obviously, impacted if the buyer they’re working with falls victim and is unable to close.
Keep in mind that your real estate agent will never ask for personal information. If you receive an email asking for your bank information, social security number, or any other sensitive information, do not comply. Once the money is wired, there is no way to get it back.
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Thankfully, there are steps you can take to prevent this from happening to you. First of all, call your real estate attorney to confirm the title company that’s being used. Only contact this company using information given to you directly by your attorney. Also obtain wiring instructions from your attorney during this phone call.
It’s far better to be safe than sorry.
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You may also want to google the title company and check that the number your attorney gave is the one listed on line. At this point, you can call the title company and reconfirm the wiring instructions with them. It’s far better to be safe than sorry. Never trust information you’ve received solely via email.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
