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Wire Fraud Continues To Be Very Active

By
Real Estate Agent with Dirt Road Real Estate SA676002000

Honest people are honest people and hence why they continue to be victims of wire fraud. Currently during the first quarter of 2024, 1 out of 10 real estate transactions encountered wire fraud. Additionally, nearly half or 48% of the loans processed ($65 billion) were vulnerable to both wire and title fraud. (Source: Funding Shield)

And the news continues to trend toward the negative side with wire fraud issues increasing over each quarter.

Please as sellers and buyers follow the wire fraud advisory given by your title firm, your lender and your real estate agents if they are involved.

Dirt Road Real Estate does not handle any funds. However, as a licensed local professional real estate agent, I do include a Wire Fraud Advisory in all my presentation packets. Additionally, the local title companies here in Kingman, AZ, Premier Title Agency, Pioneer Title and Chicago Title all include a wire advisory in their opening documents.

This is the time to be aware, be cautious and confirm any wiring instructions before you actually approve funds to be wired.  

Call, before you wire is one action you can take to save yourself thousands of dollars and not lose that dream home or all that home equity.

Feature Photo Courtesy of Pixabay.com

Any reproduction of Leanne M Smith’s blog for use by any AI or GAI, distribution or reproduction including but not limited to electronic newsletters e.g. PDF’s Internet sites or physical products e.g. newspapers, CDs without prior written permission and consent by me, Leanne M. Smith (Leanne Hoagland-Smith) is strictly prohibited.

Posted by

Leanne M. Smith, MS, GRI, rCRMS

2018 KGVAR Rookie Realtor of the Year-55+
219.508.2859 MST
Life Begins Where the Pavement Ends
Connect with me on LinkedIn:
http://www.linkedin.com/in/leannehoaglandsmith
Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

Great info here and very important.   I get at least 3 calls a day with people trying to scam me. 

Apr 19, 2024 05:04 AM
Leanne Smith

We get mail, email and calls.  One has to be vigilant. Good morning and Happy Friday.

Apr 19, 2024 05:05 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Apr 19, 2024 05:12 AM
Leanne Smith

You as well and thank you.

Apr 19, 2024 05:30 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Leanne. Of all things of concern in a real estate transaction the wire transfer of money is the most stressful. Enjoy your day. 

Apr 19, 2024 05:15 AM
Leanne Smith

Yes I believe you are correct about the stress regarding wire fraud. Thank you and good morning as well.

Apr 19, 2024 05:30 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Our forms include wire fraud notices, as do our email signatures - and our title companies warn about wire fraud as well. It is definitely a real threat.

Good morning!

Apr 19, 2024 05:16 AM
Leanne Smith

Good morning. So many brokerages and title firms included information on wire fraud and yet it still continues. How sad.

Apr 19, 2024 05:29 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Here in CT all sales are processed through law offices, and they are very good at keeping all legal and little surprises.

Apr 19, 2024 06:22 AM
Leanne Smith

Good to read about lack of fraud in your state.

Apr 19, 2024 06:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

As I get closer to a closing date, I am always reminding my clients on how to avoid wire fraud. Attorneys I deal with also know never, ever to send me wiring instruction... they should go only to my clients on a secured message.

Apr 19, 2024 06:51 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Wow. 1 out of 10? That number is staggering.

Apr 19, 2024 08:10 AM