Don't Get Conned by Wire Fraud
How To Avoid Big Mistakes in the Real Estate Closing Process |
There has been a recent increase of real estate wire transfer scams, but you have the power to spot the warning signs before it happens to you. According to data provided by the FBI, in 2017, close to $1 billion was “diverted or attempted to be diverted” from real estate purchase transactions, and wired to “criminally controlled” accounts. That figure is up explosively from 2016, when the FBI counted $19 million in stolen funds. |
The scam generally works like this: Hackers find an opening into a title company’s, realty agent’s, or mortgage banker’s email account. They track upcoming home purchases scheduled for closing, then assume the identity of the title or escrow agent handling the transaction. You can spot wire fraud with a few key hints: Ways to spot wire fraud:
Of course, none of that is true, but if the scammer is successful, their victim will send the money to the scammers account unknowingly, and the money is gone! What can you do to protect yourself?
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