Beware of Wire Fraud!
Unfortunately, scammers are increasingly targeting real estate transactions, so the National Association of REALTORS® is teaming up with the FBI to help educate the industry on how to identify wire fraud schemes. This in turn will help us help our clients avoid wire fraud schemes. The most common cause for concern is hackers who send fake emails to home buyers on the cusp of closing on a property purchase, providing bogus wiring instructions. Hundreds of millions of dollars have already been stolen from consumers all over who fall prey to such scams,
We have found that the best way to help stop these scammers is by educating clients to identify, avoid and report potential fraud. We can do this by raising awareness on how these scams are being carried out and can create a united front fighting against and working to shut down this devastating trend.
The best advice we give all buyers is to:
- Pay attention!! Look at how wire instructions are sent and only accept those that are encrypted and secure.
- Please verify!! Before you wire funds to anyone, we urge you to verify the wire instructions with the title company or closing agent…via a phone call is best.
- Watch for change!! Wire instructions rarely change, so if you receive an email saying that anything has changed- again confirm with your real estate agent or title company.
THE BEST DEFENSE against this type of scam is to have check points with your title company and real estate agent to ensure everything you have received is legitimate – and doing this via a phone call is best. Always make sure you are talking to the right person and never respond to these emails to confirm. Better to ask and not to risk it!
Don’t let wire fraud scare you from purchasing a new home. With the RIGHT real estate agent on your side, we can help make you aware and alert throughout the entire process.