What is wire fraud and how can you protect yourself from becoming a victim during a Real Estate Transaction?
In this Coffee Talk session, Lisa Morgan and Jennifer Piper of the KEYSEEKERS TEAM at Mainframe Real Estate, will discuss what you should know before wiring your Escrow Deposit, (aka Good Faith Deposit) when purchasing that next home to protect yourself against wire fraud!
Over the past few years, we have seen an increase in Wire Fraud in Real Estate Transactions. Hackers have been targeting Title Companies, Mortgage Companies as well as Real Estate Agents and Home Buyers/ Sellers. We are going to give you the important steps to assure you are not the next victim of wire fraud.
How are these Criminals walking away with a buyers wire money? They send out sophisticated and very convincing emails to the buyer with what looks like an email from your Lender, Title Company or a Realtor. This has led to fraudulent wire instructions being used to divert funds to the criminal’s bank account. These emails may look legitimate, but it only takes a few quick steps to verify that this email is legit. We highly recommend before wiring any funds to contact the company that the wire is going to and confirm verbally on the phone before heading to your bank. This is a very important step that can save you time, headaches and a lot of money down the road.
Once a wire hits the bank of a criminal, it is very difficult to get in back. In most cases, these are very large sums of money. Take Precaution and verify that your money is being sent to the correct account! For more information or questions about buying or selling your home, reach out to Lisa & Jennifer in the contact information below. We look forward to hearing from you.