Learn about wire fraud and how to avoid becoming a victim during your real estate transaction.

Wire fraud is a type of financial fraud that involves the use of electronic communications, such as email, to deceive someone into sending money or sensitive information to a fraudulent account. Wire fraud is a serious crime that can result in significant financial losses for individuals, businesses, and even governments.

Cyber hackers may try to disguise themselves as your title company via a spoofed email or a phone call in an attempt to divert funds into their bank account. This 90 second video can help you safeguard your money as you prepare for settlement day.

Don’t be fooled by fraudulent attempts to alter the wiring instructions during your real estate transaction.

To safeguard against wire fraud during a real estate transaction, it’s crucial to be vigilant and aware of potential scams. Cyber hackers may attempt to deceive you by posing as your title company through spoofed emails or fraudulent phone calls, aiming to redirect funds into their own bank account. Protecting your finances is paramount, especially as settlement day approaches. This 90-second video offers valuable insights and tips to help you navigate these risks and ensure the security of your money throughout the transaction process.

• We will never change your wiring instructions. Always CALL US if you have any doubts.
• If an email sounds out of character or has lots of typos and misspelled words, it’s likely a spoofed email trying to impersonate your title company.

Here are some key things to know about wire fraud:

1.  How wire fraud works: Wire fraud typically involves a perpetrator who poses as a trustworthy individual or organization, such as a bank, government agency, or even a friend or family member. The perpetrator will then use social engineering tactics, such as phishing emails or phone calls, to trick the victim into sharing sensitive information or sending money to a fraudulent account.
2. Common types of wire fraud: There are many types of wire fraud, but some of the most common include business email compromise (BEC), where a criminal impersonates a high-level executive or vendor to trick employees into making wire transfers; tech support scams, where fraudsters pose as tech support professionals to gain access to a victim’s computer and steal sensitive information; and romance scams, where criminals use fake online profiles to trick victims into sending money or personal information.
3. Red flags to watch out for: Some common red flags that could indicate wire fraud include unsolicited emails or phone calls, requests for personal or financial information, pressure to act quickly, and requests to wire money to a new or unfamiliar account.
4. How to protect yourself: To protect yourself from wire fraud, it’s important to be skeptical of unsolicited emails or phone calls, especially if they ask for personal or financial information. You should also avoid clicking on links or downloading attachments from unknown sources, and always verify the identity of anyone asking you to send money or sensitive information. Finally, it’s a good idea to use two-factor authentication and strong passwords to protect your online accounts.
5. Reporting wire fraud: If you believe you have been a victim of wire fraud, you should report it to your bank or financial institution as soon as possible. You can also file a complaint with the FBI’s Internet Crime Complaint Center (IC3) or with your local law enforcement agency.