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.