The New Way to Rob a Bank - Wire Fraud

By
Real Estate Agent with Ultra Real Estate Dallas Fort Worth
https://activerain.com/droplet/5jSH

 

Forget about the old ways to rob a bank with a gun or digging underground.  The new way is in, wire fraud is the new bank robbery!

 

The Real Estate industry as a whole has become the target of wire fraud. This includes title companies, realtors and mortgage companies. False wiring instructions are being provided to the borrower, allowing for the diversion of the borrower funds to the wire fraud perpetrator’s account. These false wiring instructions could be given via an in-bound phone call, via email (that looks legitimate), text, or other means of communication.   This ultimately results in the theft of these funds, which may or may not be recoverable.

 

Don’t become a victim of these cyber criminals!

 

Here are a few helpful tips that may help prevent wire fraud from happening to you:

 

• Call your Title Company directly for your wiring instructions. Use only known numbers to the title company - not one in an email or from a phone call or text.

 

• Again, when confirming wiring instructions, only use the known contact information; do not trust contact numbers listed in an email and never reply to an email with your personal banking information. If unsure, ask your realtor.

 

• Never accept wire instructions via email, inbound phone call or text without verify it verbally with the known contact information.  

 

• Be sure that you confirm all details associated with the wire transfer, including the account number and the name exactly as it appears on the account.

 

• After the transfer, verify within 2-3 hours with the title company or settlement agent that the transfer was received.

 

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Topic:
Home Buying
Location:
Texas Collin County
Groups:
All Thing's Texas
Dallas Real Estate
Hyper-Local
Local Expert
Texas Real Estate
Tags:
home buyers beware
home buyers safe practice
susie kay
wire fraud
how to avoid wire fraud

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Rainmaker
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Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

Excellent post, Susie.  Wire fraud is so scary and so easy for criminals to do.  Taking the time to call and verify is so important!

Jun 26, 2019 10:22 AM #1
Rainmaker
428,753
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Thank you Ricki Eichler McCallum for your comment and for dropping by.  There are just too many crooks out there, and we all have to be alert.

Jun 27, 2019 01:43 PM #2
Rainmaker
4,484,291
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Susie, great post to remind everyone wire fraud is a huge issue, and everyone has to be so careful.

Jul 03, 2019 04:13 PM #3
Ambassador
3,819,877
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Such sage advice, Susie! We are actually having a big seminar on that this week at my office. I just tell everyone, unless you speak to someone on the phone, at a number that YOU verified and dialed yourself, don't wire!

Jul 19, 2019 09:08 AM #4
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Rainmaker
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Susie Kay

North Dallas Specialist
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