Wire Fraud Prevention in Real Estate
Wire fraud in real estate transactions is substantially on the rise. Business Email Compromise (BEC) is when fraudsters either hack into email accounts or create look-a-like email accounts to deceive buyers into sending their down payment to a fraudulent account instead of to the title agency.
Protect yourself from being a victim of wire fraud:
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The wire instructions will only be sent to you by someone from Service Title Agency.
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The wire instructions will never change over the course of the transaction.
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If you receive an email, or any other communication that appears to originate from your Realtor or your lender, that contains new, revised, or altered wiring instructions call us using the phone number listed on this website. Do not rely on phone numbers that are listed in an email.
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Call us once you receive the wire instructions. Verify that the instructions you have are the same instructions that we have.
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Confirm with us that you have wired your money. This way we can watch for it to hit our account. We will let you know when it is safe and sound with us.
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Be suspicious of fraudulent looking emails. You may receive lots of emails during the closing process. Take the time to make sure the sender is legit before sending any of your personal information.
Give us a call, we are here to help answer your questions and concerns.