LOCAL INFOMarket UpdatesSellers June 30, 2022

Wire Fraud is Real – Before wiring any money …


Wire Fraud is Real  

Before wiring any money, call the intended recipient at a number you know is valid to confirm the instructions. Be safe.​ Review recommended steps below to safeguard your hard earned dollars….

There are steps homebuyers should take to make sure they are protecting themselves from falling victim to fraudsters, according to Kalember and the FBI.

Be vigilant: Homebuyers should first just be aware that they may be a targeted by scammers in this manner, and should act accordingly to verify any suspicious correspondence associated with their home purchase or sale.

Voice verify: It might seem cumbersome in an already long homebuying process, but following up emails with a voice verification is a must, Kalember said. That’s especially true if the email involves e-signing a document, logging into a new website, transacting money or supplying any kind of financial information

Talk to your bank: While not all banks may follow the guidelines you suggest, most will honor your request to not allow any wire transfers without a voice verification or other checkpoint from you. This is especially true for business accounts, but even individuals going through a real estate transaction can request a note be added to their primary accounts to put additional steps in place before allowing wire transactions to go through.

Don’t react immediately to email: Emails asking you to take some type of action, purporting to be from the title company, attorneys, realtors, bank lawyers or others involved in a transaction may not be authentic. Regard any of them with suspicion, and you should follow up on known phone numbers for the individuals making the request to confirm.

July 12, 2018 from Realtor Magazine…….

One of the fastest growing cybercrimes in the U.S. is wire fraud in real estate. About 9,600 people were victims of wire fraud in the real estate and rental sector in 2017, with losses of more than $56 million, according to FBI data.

Here are some interesting articles to read about this….

Forbes: Article on Scammers in WIRE FRAUD

Forbes: Cyber Crime on Real Estate Transactions

Realtors Association:  Protecting your Transaction from Wire Fraud

CNBC Money:  How-scammers-trick-new- homebuyers-with-wire-fraud.

 To ALL my Clients please be aware of a growing concern and make sure you wire “carefully”.  Gina