Tips to Avoid Wire Fraud Scams
Wire fraud is a sophisticated scam targeting individuals performing wire transfer payments. The real estate industry as a whole is a target due to the number of transactions that occur in the United States every single day.
Often, emails will be a letter or number off or it will appear that it is from the actual account. The email may also copy the look and branding of your bank, your agent, or your closing attorney.
Unknowingly, targets will then send wire transfers to the criminal’s account and it is extremely difficult to retrieve the funds once they are sent.
To help you avoid falling victim to one of these scams, here are a few tips to keep your financial information safe during a real estate transaction:
- Early in the process, identify trusted individuals prior to closing and write down the names and contact information.
- Confirm a second time, the closing and payment instructions in person or verbally with a known phone number.
- Avoid using phone numbers or links in an email as scammers can spoof them.
- Be mindful of phone conversations as some criminals call and pose as your trusted professional.
- Do NOT email financial information. If you do, you MUST use a secure, encrypted email. (Gmail does not qualify)
For more information, please visit www.stopwirefraud.org.
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